Why Productivity Enhancing Reforms Will Help Greece Exit the Crisis and Usher in Long Run Growth

摘要: With the onset of Greek crisis, Greece was dealt a huge economic shock historical significance, resulting in losses quantitative and qualitative significance. This paper takes longer-run view assessing where is at tackling problems that crisis has bequeathed us. An important dimension population lost not only income but also wealth. Such may be offset by sustained increases employment growth. Public investment virtually ceased during so because depreciation public capital decreased. Private decreased, collapse private investment. Moving forward, growth depends critically on joint evolution debt. There are two additional elements whose dynamics for debt dynamics, over above rate accumulation. They total factor productivity In nowadays, fewer births, increased return migration recent immigrants, out-migration young, skilled thus geographically mobile Greeks imply contraction worrisome demographic change form adverse age composition, which major fiscal implications. Thus, needs an accelerated creation job opportunities, will allow unemployed to jobs prevent outmigration. order create we need massive investments. The aging (and retirements from sector, cost-saving measure) itself declining savings What discussed much, context domestic might constrain necessary, even with modest government savings, therefore inward foreign would necessary. first assesses various ideas about getting started, what