Inflexibility and Adjustment of the Greek Economy under Liberalisation

Abstract

The purpose of this paper is to discuss the short- and medium-term prospects for Greek economic growth in the light of the liberalisation of current and capital accounts due to take place in the context of the Single European Act, as part of the completion of the EC internal market by 1992. The discussion will first delineate the structural features of the Greek economy that affect current short-term macroeconomic adjustments, and then consider the prospects for developments after 1992.