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Can Greece Grow Faster?

Author

Listed:
  • Dimitri B. Papadimitriou
  • Michalis Nikiforos
  • Gennaro Zezza
Abstract
The Greek government has managed to exit the stability support program and achieve a higher-than-required primary surplus so as not to require further austerity measures to depress domestic demand. At the same time, the economy has started to recover, mainly due to the good performance of both exports of goods and tourism and modest increases in investment In this report, we review recent developments in the determinants of aggregate demand and net exports, and provide estimates of two scenarios: one which assumes business as usual and the other an alternate scenario simulating the medium-term impact of an acceleration in investment. We conclude with a discussion on the sustainability of Greek government debt, showing that it is crucial that the cost of borrowing remains below the nominal growth of national income.

Suggested Citation

  • Dimitri B. Papadimitriou & Michalis Nikiforos & Gennaro Zezza, 2018. "Can Greece Grow Faster?," Economics Strategic Analysis Archive sa_gr_11_18, Levy Economics Institute.
    • Handle: RePEc:lev:levysa:sa_gr_11_18
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    Cited by:

    1. Eduardo Garzón Espinosa & Bibiana Medialdea García & Esteban Cruz Hidalgo, 2021. "Fiscal Policy Approaches: An Inquiring Look From The Modern Monetary Theory," Journal of Economic Issues, Taylor & Francis Journals, vol. 55(4), pages 999-1022, October.
    2. Christos Pierros, 2021. "Assessing the internal devaluation policy implemented in Greece in an empirical stock‐flow consistent model," Metroeconomica, Wiley Blackwell, vol. 72(4), pages 905-943, November.
    3. Tanweer Akram, 2019. "Prospects and Risks for the Global Economy in 2019," CPD Working Paper 130, Centre for Policy Dialogue (CPD).
    4. Dimitri B. Papadimitriou & Michalis Nikiforos & Gennaro Zezza, 2020. "Greece: In Search of Investors," Economics Strategic Analysis Archive gsa_1_20, Levy Economics Institute.

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