The Labor Dynamism of the Sectors of Economic Activity

Abstract

The year 2013 marked the sixth year of recession in Greece. The country’s production is shaped by production in the past, domestic and international demand requirements, the significant changes occurring in the domestic (and global) institutional environment, and the extent of passivity toward any changes attempted in an effort to adapt to the new conditions. Greece is going through a period of significant changes in its production because of the decrease in private and public consumption, the declining course of domestic investments, and the fiscal adjustment undertaken to confront the debt and deficit. Irrespective of whet her these changes are because of the economic crisis or the results of the solutions adopted for its confrontation, Greece’s growth course continues to decline and anticipated growth is delayed. The model results in chapter 7 show that the Greek economy was characterized by deep recession in 2013 at a -3.9 percent growth rate: the recession is expected to continue in 2014 albeit at a de-escalated rate. The unemployment rate reached 27.3 percent in 2013 and is expected to decrease slightly in 2014.