Trends and Prospects

Abstract

Greece is a giant by regional standards, and it remains for the foreseeable future trie EU’s fastest growing economy. It is, however, a hidden giant considering it gets no powerful endorsements, as other growing economies did in the early 1990s.¹ In fact, it receives warnings of impending doom.² Considering the annual economic growth rates of Greece that have exceeded those of the EU for a decade now, the changes in the Greek economy are albeit slow and conflict generating, and though one would expect that Greece could be named “The Balkan Tiger,” it has not yet been. Moreover, Greek development is viewed as a cautionary tale by both Europeans and some Greeks alike. This chapter will discuss the changes in Greece in light of regional and global developments. Obviously, there are certain very positive aspects of the changes that the Greek economy and society have witnessed in the past two and a half decades, but there are also certain areas that need improvement, areas that may produce pitfalls that could return the country to its former pariah status with in the EU. Finally, this chapter will propose a developmental strategy for the country, even though it is understandably risky to make predictions in the current economic and political climate. Nevertheless, it is important that certain options be discussed.