Is a Greek Economic Miracle in the Making in the 21st Century?

Gregory Papanikos ()

Athens Journal of Business & Economics, 2025, vol. 11, issue 1, 25-38

Abstract: In the 1950s, many economists were discussing a Greek economic miracle, second only to Japan. The 1950s followed a catastrophic decade (the 1940s) with four years of the Second World War (1940-1944) and another five of civil war (1944-1949). The 2010s were also a catastrophic decade, but this time the initiator was not a foreign army but a foreign economic crisis termed the Great Recession. As was the case in the 1940s, the end of the foreign economic invasion was followed by a civil war on how to better manage the economy. The civil war of the 1940s was between communists and non-communists, and in the 2010s, it was between Europeanists and non-Europeanists. This second civil war ended in 2019 with a victory for Europeanists. The question is whether the end of this civil war will spark another economic miracle in the 2020s similar to that of the 1950s. This issue is addressed in this paper.

Keywords: Greece; growth; unemployment; inflation; Phillips curve; Okun’s Law; eurozone; Great Recession (search for similar items in EconPapers)
Date: 2025
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Persistent link: https://EconPapers.repec.org/RePEc:ate:journl:ajbev11i1-2

DOI: 10.30958/ajbe.11-1-2

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