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The Greek Economy and the Crisis pp 401–431Cite as

The Medium-Long Term Outlook of the Greek Economy

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Abstract

The medium-long term outlook of the Greek economy depends on the sources of growth, which are dictated by the basic growth model to be adopted and implemented. Thus, this chapter reveals the future prospects of basic promotional structures (capital and labour) and investigates the potential positive effect of the new (or “other”) sources of growth (Total Factor Productivity – TFP). A medium-long term perspective of developments is formed, referring to the Greek economy up to date and covering its long-term prospects until 2050. Finally, it presents a sustainable and equitable course of growth towards an open entrepreneurial economy in the context of globalization, which will allow the economy to overcome the tendency observed in the evolution of growth.

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Notes

  1. 1.

    According to the NBG, the differences are due to the fact that capital is only analysed to the degree it is used (adjustment for capital utilisation) and that employment figures are corrected for undeclared employment.

  2. 2.

    Scenarios 2a and 2b are associated with the so-called friendly public debt’s restructuring scenarios.

  3. 3.

    The European Structural Funds are the European Regional Development Fund (ERDF), the European Social Fund (ESF), the European Agricultural Guidance and Guarantee Fund (EAGGF) and the Financial Instrument for Fisheries Guidance (FIFG).

  4. 4.

    The complex problem of using the Public Property, ISTAME, November 2010, issue 9.

  5. 5.

    We use the term European Federal Bond (E-Bond) because, in Banking Economics, the term Eurobond has a different meaning.

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Authors and Affiliations

  1. Department of Economics, National and Kapodistrian University of Athens, Stadiou 5, 10562, Athens, Greece

    Prof. Panagiotis Petrakis

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  1. Prof. Panagiotis Petrakis
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Correspondence to Panagiotis Petrakis .

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Petrakis, P. (2012). The Medium-Long Term Outlook of the Greek Economy. In: The Greek Economy and the Crisis. Springer, Berlin, Heidelberg. https://doi.org/10.1007/978-3-642-21175-1_14

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  • DOI: https://doi.org/10.1007/978-3-642-21175-1_14

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  • Print ISBN: 978-3-642-21174-4

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