Greece Final Project - Final, Final Slides

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    PRESENTED BY:

    KIM KOZAK, JASON LAUB,

    ALISE MAZUR, COURTNEY OLSON

    ECONOMY OF GREECE

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    OVERVIEW

    Population: 10.7 MillionCurrency: Euro

    Economy: Mixed Capitalist

    Government: ParliamentaryRepublic PASOK

    Industries: Tourism,Shipping, IndustrialProducts

    Labor Force: Services,Industry, Agriculture

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    THE LAST 70 YEARS

    German Occupation (1941-44)

    Civil War (1944-1949)

    Political Unrest (1949-1973)

    Declared a Republic (1973)Member of European Union (1981)

    Member of the World Trade Organization (1995)

    Adoption of the Euro (2002)Athens Olympic Games (2004)

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    ECONOMIC HISTORY

    Ancient Greece & Emergence of Polis

    Hellenistic Age

    Byzantine Economy

    Modern Greece 19th Century: Land Reform

    20th Century: Industry, Dichotomization of Drachma, GreatDepression, Shipping, Post-World War II

    Recent Developments 1980s: Expansionary Fiscal Policy

    1990s: Maastricht Treaty, Entry into Euro Zone

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    ECONOMIC MANAGEMENT STYLE

    Historically very involved and arguably over generous

    Unorganized/ inefficient

    Power is held by Prime Minister with a strong Central

    Banking SystemCorrupt

    Push back from public

    Must follow EU policies and guidelines

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    CURRENT POLITICAL REFORMS

    High pension payouts

    High minimum wages for teens and elderly

    High tax wages

    Large subsidies for public and government entities

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    SIGNIFICANT ECONOMIC DATA

    Inflation - .5% (Jun 2009)

    Unemployment - 7.7 in 2008 expected to rise to 10%in 2010

    Labor Force - 4.95MMPopulation below poverty line

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    GROSS DOMESTIC PRODUCT

    Total GDP: $343 Billion (USD)

    Per Capita: $32,000 (USD)

    Real GDP Growth Rate: 2.9%

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    GDP by Industry (2008)Employed Labor Force by

    Industry (2008)

    GROSS DOMESTIC PRODUCT

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    TRADE POLICY

    Trade Group Member European Union

    World Trade Organization, World Customs Organization,Organization for Economic Cooperation & Development

    Barriers Tariff

    Non-Tariff

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    Top Product Exports Top Product Imports

    TRADE PRODUCTS

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    TRADE BALANCE

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    EXPORTS

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    IMPORTS

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    PERFORMANCE COMPARISON (2008)

    Country Population GDP(in USD)

    GDP(per Capitain USD)

    GDPGrowthRate(%)

    Public Debt(% of GDP )

    InflationRate (%)

    Imports(in USD)

    Exports(in USD)

    Greece 10.74M $343.6 B $32K 2.9% 97.4% 4.4% $48.2B $18.5B

    Portugal 10.71M $237.3B $22K (.05%) 66.4% 2.9% $60.4B $38.8B

    USA 307.2M $14.4 T $47K 0.4% 60.8% 4.2% $1.73T $927.5B

    EU 456.9M $14.9T $34K 0.8% N/A 2.2% $1.69T $1.95T

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    ANNUAL GDP COMPARISON (In Billions USD)

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    INFLATION COMPARISON

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    GDP GROWTH RATE COMPARISON

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    GDP PER CAPITA COMPARISON

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    UNEMPLOYMENT RATE COMPARISON

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    CURRENT ECONOMIC CONDITION & FORECAST

    Political Transfer of Power (October 4th, 2009) New PASOK Government

    Large promises and a new feeling of optimism

    A Debtor Nation Inadequate Domestic Savings & High Public Debt

    Highest Current Account Gap in Euro Zone (as % of GDP)

    Reliance on Foreign Investment

    Expecting its first recession since 1993.

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    RECOMMENDATIONS

    Need to work on lowering public debit

    Focus on increasing revenues & decreasing expenses

    Increase tax collection, eliminating unnecessary tax

    exemptionsTimely implantation of modern & transparent public

    accounting

    Reform to wage and pension systems

    Reduction in subsidies to public & govt entities

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    ANY QUESTIONS?