On the service Greece is doing well, its unemployment has fallen from its 2012 highs of 25% and it GDP probably one of the better performing of the Eu this year.
However this report, bare in mind it is pre Covid lock downs (2019) stated that Greece will take another 15 years (2039) to have got back to 2007 economic levels. With the COVID recessions, I will assume this will be over 2039.That means the economic depression has lasted over 30 years…I think even the great depression took 10-15 years depending on who you ask. The asia crisis took 4 years.
Why so long?Is it Greece austerity went too far?
Was it being constricted to EU therefore could not have the correct central bank policy?
Should it have a Drachma therefore could inflate its way out?
Or is it something else/combination of the above…
Would be interesting to hear from Greeks, is there still starvation/food malnutrition? Are you driving 90s cars etc,,