Proceedings of the 50th International Academic Conference, Paris

THE DETERMINANTS OF ECONOMIC DEVELOPMENT OF GREECE

ISMATILLA MARDANOV

Abstract:

Greece’s specialization on tourism and service within the European Union (EU), the lack of its currency, monetary and financial dependence on the EU, and the weak voice in foreign trade decisions put Greece in economic turmoil and made the EU less effective in solving crucial problems in member countries. Using extended data, I have analyzed Greece’s economic growth patterns for 46 years. The results indicate that protection of property rights, government consumption, and service industry had a significant and positive impact on economic growth while tax rates had a significant negative effect on GDP growth rates.

Keywords: Greece, EU, Eurozone, economic growth, political and economic freedom, national debt, global financial crisis

DOI: 10.20472/IAC.2019.050.024

PDF: Download