Pelagidis, Theodore (2010) The Greek paradox of falling competitiveness and weak institutions in a high GDP growth rate context (1995-2008). Hellenic Observatory papers on Greece and Southeast Europe, GreeSE paper no. 38. The Hellenic Observatory, London School of Economics and Political Science, London, UK.
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In this paper, we deal with some pieces of evidence that are necessary to explain the paradox of rapid GDP growth despite the dismal competitiveness of the Greek economy during 1995-2008. It is shown how the structural weaknesses of the Greek economy have hit the domestic economy investigating their impact on the current turmoil. It is argued that the previously favourable global economic environment acted as a locomotive to domestic growth, whereas now that it is gone, structural problems of poor governance, low competitiveness, and a ballooning public deficit and debt have come to the surface. We offer a specific explanation of the current unfortunate state of the economy briefly considering avenues of necessary reforms to overcome it.
|Item Type:||Monograph (Working Paper)|
|Additional Information:||© 2010 Theodore Pelagidis|
|Uncontrolled Keywords:||Macroeconomy, institutions, competitiveness, Greek economy|
|Library of Congress subject classification:||H Social Sciences > HC Economic History and Conditions
D History General and Old World > DF Greece
|Sets:||Research centres and groups > Hellenic Observatory
Departments > European Institute
Collections > Economists Online
|Identification Number:||GreeSE paper no. 38|
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