Greek economy on the mend?

Hello

For those of you who don't already know me, my name is Declan and I am Ignatian economics' newest employee. I have no particular set plan as to how I intend to structure the additions that I make in my Friday slot, and so for the time being I will mainly be focusing on recent news about events in the economy.

This weeks news: The Greek economy might be on the road to recovery. It has finally seen a small amount of growth in the second quarter. This puts the predicted shrinkage this year at 3.8% rather than 4.2%. Obviously this still sounds quite bad, but considering that in 2012 their economy shrunk by a massive 6.4%, anything like this should just be accepted as a blessing.

One factor in this improvement is the fact that the Greek tourism industry has begun to pick itself up somewhat, which is naturally one of the most important parts of the economy of a country as rich in historical value as Greece. Prices are still declining, but more slowly than before.

 

Despite this, unemployment is still currently at a whopping 28 percent, with threats of further cuts. Despite the fact that they have already received 240 billion euros worth of bailouts, a further bailout of 10 billion may still be required.