Open AccessLatest Economic Crisis And The Effects On Social Economic Aspects Into The Greek Economy
Author(s) -
Stamatis Kontsas
Publication year - 2016
Publication title -
ijars international economics and commerce
Language(s) - English
Resource type - Journals
ISSN - 2455-149X
DOI - 10.20908/ijarsijec.v2i5.6658
Subject(s) - austerity , recession , economics , economic recovery , investment (military) , economic sector , financial crisis , economic system , economic policy , economy , macroeconomics , politics , political science , law
The purpose of this paper is to examine the effects of economic crisis on social economic aspects using conceptual and empirical findings measurement models. The economy is gradually recovering from a deep recession but high social costs persist. Significant structural reforms have been legislated, but their mix and implementation were uneven. Stronger exports and investment are a key to sustained recovery. Economic crisis is a phenomenon in which an economy is characterized by a sustained and significant reduction of economic activity. Economic activity refers to all aggregates of the economy such as employment, national output, prices, investments and other. It is easy to understand that the country has faced both market liquidity problems and the drop in living standards due to the austerity measures and the structural problems which hinder entrepreneurship.