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Unemployment Rate in Greece: “The” Long Run Macroeconomic Challenge

Gogos, S. & Kosma, O. (2014) “Unemployment Rate in Greece: “The” Long Run Macroeconomic Challenge“, Eurobank Research Team, Economy and Markets, Vol. IX, Issue 6, June.


Following six years of a severe economic recession, it has become a common belief among economists and policymakers that “The” macroeconomic challenge for the Greek economy over the next 10 years (or more) will be the return of the unemployment rate to acceptable levels, along with strong GDP growth and sustainable (decreasing) debt to GDP ratio. Especially the decline of unemployment is of crucial importance since its current level (27.6% in 2013q4 from 7.2% in 2008q3) can create the seeds for social unrest, poverty, an unstable (and unsustainable in terms of funding) social security system and low productivity growth through the ongoing destruction of the human capital stock.


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