Macroeconomic Performance and Policies: Recent Past and Prospects

George Hadjimatheou
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George Hadjimatheou: City Of London Polytechnic

Chapter 5 in Issues in Contemporary Economics, 1992, pp 45-59 from Palgrave Macmillan

Abstract: Abstract A brief assessment of the macroeconomic performance of the Greek economy in the 1980s and an examination of the thrust of macroeconomic policy in the same period seems to be a good starting-point for assessing the prospects and potential path of the economy in the 1990s. Looking at the stylised facts and the fiscal policies of the PASOK governments would also help to identify policy mistakes and to suggest a medium-term strategy that would appear to serve the needs of the economy for the next decade. Table 5.1 provides data to enable some useful comparisons to be made. First, in terms of economic growth, the performance of Greece in the 1980s, both in terms of its own past and relative to other countries, has been poor. More specifically, out of twenty-four OECD countries Greece does better only than Ireland. In relation to the 1970s, when Greece achieved high rates of growth, both in absolute and relative terms, the performance of the 1980s appears far worse.

Keywords: Monetary Policy; Fiscal Policy; European Central Bank; Budget Deficit; Unit Labour Cost (search for similar items in EconPapers)
Date: 1992
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Persistent link: https://EconPapers.repec.org/RePEc:pal:intecp:978-1-349-11955-4_5

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DOI: 10.1007/978-1-349-11955-4_5

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