~|Greece’s Economic Slump|~ (A personal independent opinion)


In our debt-choked and totally (economically, socially and demographically) imploding mother country; the competent politicians have to focus on the real economy instead of only the fiscal-accounting and monetary indices. In other words, it is not worth taking into account the fiscal indices of an economy if its market and the real population have absolutely collapsed.

In my humble opinion, the case of Latvia which achieved a remarkable degree of fiscal consolidation (after a really tough austerity program) without taking into consideration the unprecedented demographic catastrophe in the general population which dropped by 12% within just 10 years (from 2.35 mil. in 2001 to 2.07 mil. in 2011, a real national disaster!) should strongly be an example to avoid for Greece and its 10.8-million population.

Besides, it is almost impossible for a market without a strong demographic potential to get a significant, healthy and mainly sustainable growth.

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[(Nominal GDP growth rate at constant prices 2005_(official data)]:

2006 –> +5.53%
2007 –> +3.63%
______________

2008 –> -0.20%
2009 –> -3.18%
2010 –> -4.85%
2011 –> -7.15%
2012 –> -6.38%
2013 –>    ???   (6th consecutive year of recession)
{Absolute-Unprecedented National Disaster}

Updated Forecasts by European Commission (published on May, 2013)
2013 –>≈ -4.20%

2014 –>≈ +0.60% 

Postscript: “When I die, do not come near my body, because my hands may not be able to wipe your tears anymore”.   (!) I’ll just keep on loving you no matter what happens… Even after death (!)

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About Christos Ghikas

Financial Analyst/Investment Consultant. Strongly interested in Capital/Financial Markets, RES/Energy Project Portfolio Management, Investment and Population Analysis (Economics/Demographics). Ι state that it is better to fight for something than live for nothing. Therefore, life to me is a perpetual fight... Personal Web Profile: http://about.me/ghikaschristos, Personal E-mail: c.ghikas@gmail.com

Posted on February 16, 2013, in Brief Economic Reports and tagged , , , , , , , , , , . Bookmark the permalink. 6 Comments.

  1. I just like the precious information you supply in your own articles.I will bookmark your website and test again here continually.I’m relatively sure I’ll find out a good deal of new things perfect the following! Good luck for your upcoming!

  2. I really like reading a post that will make men
    and women think. Also, thanks for allowing for me to comment!

  3. Hello Christos,
    Fully I agree with your basic thesis that is imposible to imagine a market without a “demographic potential”. The austerity measures dictate on Greece and other countries worldwide are killing not only fragile native industries and manufactures but is eroding the talents and confidence of the people to rebuild Politics and Citizenship. We must not forget that a market -without a participatory of the ” true shareholders” of the democracy- is shortlived and causes much pain as we see in our days.
    Greetings from a peruvian born descendent of the greek Diaspora. My grandparents on my father side were greeks and my name is Jorge Ghikas. Currently I am involved with academic university research on Globalisation and Social Sciences.

  4. Hello Jorge!

    First of all thank you very much for your comment my friend. It is an absolute honor to communicate with a Peruvian born descendent of the Greek Diaspora. It is almost unbelievable to conclude that there are Greeks in such a distant country like Peru.

    Furthermore, I totally agree with your statement that the austerity measures dictated on Greece and other countries worldwide have extremely negative impacts not only to the demographic potential (see the unprecedented collapse in my country that was confronting very serious demographic problem before the outbreak of the financial crisis in 2008) but also to the confidence of the people to rebuild Politics and Citizenship as you mentioned above. In other words, there is a real menace to the meaning of Democracy (what an irony… Current Greek policy threatens and sometimes intimidates the meaning of Democracy in Greece where this Idea was born and widely applied 2.500 years ago) in Greece and all the other countries that follow a fiscal, economic and social policy of ultra austerity measures.

    Moreover, it is important to mention that your current academic university research is very interesting and it has many applications and significant effects to Finance, Capital Markets, Investment Analysis, Energy Needs (especially electricity needs), International RES Projects Implementation and general economic situation of a market that are also my current professional key modules-duties, consultancy and personal research.

    Finally, I would like to communicate with you and exchange views, opinions and data regarding the economic and social situations of several countries from all over the world. So, you can keep in touch.

    Greetings and salutations from Athens, Greece to the large 30-million market of Peru and its some $220 billion GDP.

    Best Regards,
    Your far-off friend and of the same surname of you compatriot,
    Christos Ghikas.

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