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International Marketing: Greece - Research Paper Example

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This paper “International Marketing: Greece” attempts to provide an understandable picture of the economic system, demographics and market features of Greece. It also contains a brief overview of the country so that a basic understanding about it can be gained…
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International Marketing: Greece
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"International Marketing: Greece"

Download file to see previous pages In Greece, 66.2% people have age within 15-64 years and almost 19.6% are aged over 65 years. In 2010, only 61% of Greece’s total population used to live in the urban areas. Athens and Thessaloniki are the two important cities of the country. Athens is the capital and almost 3.252 million people live in this historically famous city (Central Intelligence Agency, n.d.). Economic System The economy of Greece is ‘capitalist’ in nature. 40% of the country’s GDP is contributed by the public sector. Apart from public sector, tourism is another major contributor to the national GDP. Almost 15% of GDP is contributed by this sector. One-fifth of Greece’s total work force is made up of immigrants (Central Intelligence Agency, n.d.). They are mainly involved in agriculture and other unskilled jobs. EU has been providing significant volume of aid to Greece. Such aids provide more than 3% of national GDP. During 2003-07, the Greek economy was expanded by almost 4% per year. The Athens Olympic Games that were held in the year 2004 resulted in significant spending in infrastructure and this helped the economy to grow further. Furthermore, during that period sufficient credit was available in the market and this increased the volume of ‘consumer spending’. The global economic crisis that started in 2008 took the Greek economy into its grip in 2009. The country went deep into recession and its economy was shrunk by almost 2% and 4.8% in 2009 and 2010 respectively (Central Intelligence Agency, n.d.). For six years (from 2001 to 2006) Greece violated the criterion regarding ‘Stability and Growth Pact budget deficit’ of EU, but during 2007-08 the criterion were met before violating...
One-fifth of Greece’s total work force is made up of immigrants (Central Intelligence Agency, n.d.). They are mainly involved in agriculture and other unskilled jobs. EU has been providing significant volume of aid to Greece. Such aids provide more than 3% of national GDP. During 2003-07, the Greek economy was expanded by almost 4% per year. The Athens Olympic Games that were held in the year 2004 resulted in significant spending in infrastructure and this helped the economy to grow further. Furthermore, during that period sufficient credit was available in the market and this increased the volume of ‘consumer spending’. The global economic crisis that started in 2008 took the Greek economy into its grip in 2009. The country went deep into recession and its economy was shrunk by almost 2% and 4.8% in 2009 and 2010 respectively (Central Intelligence Agency, n.d.). For six years (from 2001 to 2006) Greece violated the criterion regarding ‘Stability and Growth Pact budget deficit’ of EU, but during 2007-08 the criterion were met before violating again in 2009 when the deficit reached 15.4% of national GDP. It was reduced to 9.4% in 2010 due to some ‘austerity measures’. Inflation, public debt and unemployment rate were found to be above the average level of Euro-zone. The country’s economy was badly affected over the past one or two years due to consistent erosion of public finances and inaccurate statistics that led to a significant ‘credibility gap’ (Central Intelligence Agency, n.d.). ...Download file to see next pagesRead More
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