NAME:- SAYALI RAMESH KELUSKAR

STD:- S.Y.BFM
ROLL NO:- 18
SUBJECT:- BUSINESS ECONOMICS

ECONOMIC PROFILE OF A COUNTRY/ REGION

 GREECE
A Greek legend has it that God distributed soil through a sieve and
used the stones that remained to build Greece. The country’s barren landscape
historically caused the people to migrate. The Greeks, like the Jews and the
Armenians, traditionally have been a people of diaspora, and several million
people of Greek descent live in various parts of the world. Xeniteia, or sojourning
in foreign lands, with its strong overtones of nostalgia for the faraway homeland,
has been a central element in the historical experience of the Greek people.
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Greece, the southernmost of the
countries of the Balkan peninsula.
Geography has greatly influenced the
country’s development. Mountains
historically restricted internal
communications, but the sea opened up
wider horizons. The total land area of
Greece (one-fifth of which is made up
of the Greek islands) is comparable in
size to England or the U.S. State of
Alabama.
The prime minister is KYRIAKOS MITSOTAKIS, who joined a Greece politician
since 8 July 2019.
 LANGUAGES
 The Greek language is one of the oldest attested Indo-European languages, its earliest written
form (Linear B) dating to about the 15th century BCE. Koine (the language of the New
Testament) and Byzantine Greek represent the middle phases of Greek.
 Those ultimately gave way in the 19th century to Modern Greek (except in the liturgy of the 
Greek Orthodox Church, which still uses Koine), although from roughly the 15th century
onward, the language had a very modern aspect to it. 
 Modern Greek comprises Standard Modern Greek and the various regional dialects. Standard
Modern Greek is the official state language, and it is an amalgamation of two historical forms: 
Demotic, which is widely spoken, and Katharevusa, a deliberately archaizing form that was
primarily written, appearing in official government documents and newspapers until the mid-
1970s.
 ECONOMY OF GREECE
 Greece’s economy underwent rapid growth in the post-World War II period, but it has remained
one of the least developed in the European Union (EU). The country’s natural resources are
limited, its industrialization process has been slow, and it has struggled with the balance of
payments. Shipping, tourism, and remittances from expatriate workers (the last of which have
been decreasing steadily) are the mainstays of the economy.
  Severe austerity measures were not enough to rescue the Greek economy and government, and
in March and April of 2010 the EU and the International Monetary Fund (IMF)—fearing the
collapse of the euro currency zone, which Greece had joined in 2001—stepped in with two huge
aid packages that came loaded with new demands for austerity measures.
 IMPACT OF COVID-19
The benefits of reduced transport during lockdowns have included significantly decreased road
crash deaths and injuries [22,23]. The first case of COVID-19 in Greece was detected on 28
February 2020, and the first restrictive measures were taken at the beginning of march2020.

SOCIAL-ECONOMIC IMPACT OF COVID-19:- Epidemics are a major cause of health

problems in developing countries, preventing the accumulation of human capital and economic
growth. On the appearance of the pandemic of the new coronavirus COVID-19 worldwide, this
survey was carried out in the 4th week of the occurrence of the cases in Greece.
OBJECTIVES:- The investigation was aimed at the social and economic impact caused by this
COVID-19 pandemic and the state's decision to suspend the operation of businesses and stores in
Greece.
KEYWORDS:- COVID-19; Greece; aesthetic center; financial impact; pandemic.
 ECONOMIC RECOVERY AFTER COVID-19
 In Greece there are 223k total cases of corona.
 In this total cases recovery rate is 190,188 and death rate is 7,137.
 So in Greece recovery rate is more than death rate.
 Greece appears to have experienced a very deep recession in 2020 and even under optimistic
assumptions, a full recovery will take some time beyond 2021. In addition, the recession and the
cost of the measures to mitigate it have already led to a further sharp rise of Greece's already
exorbitantly high public debt.
 The Bank of Greece has recently put forward a detailed plan for a national AMC, which takes
into consideration both the impaired bank assets and the weak capital base of Greek banks,
mainly deferred tax credit.
 This can be a particularly useful tool which, if adopted, will help banks start lending again
benefiting growth and employment.
 The Greek economy will undergo a very deep recession in
2020, which can only be compared to the most dreadful year of
the financial and sovereign debt crises. The year was 2011 and
the GDP growth rate was -9%. Even the 1974 war-like
recession had barely exceeded -6%. The consecutive crises
between 2008 and 2017 have been the worst post-war economic
disruption in Greece. Greece lost more than a quarter of its
GDP and we have lived through the painful consequences since
then, which have been unemployment, bankruptcies, poverty,
brain drain, loss of human and physical capital. In the Covid-19
induced crisis of 2020, although the depth of the recession is
forecasted to be close to that of 2011 (the IMF forecast is even
higher), things are different because of concerted European
action as the crisis is exogenous and has hit all EU members.
On top of the ample liquidity provision by the ECB and
the relaxation of fiscal rules, a sizeable Recovery Fund (750 bn
euro), called the Next Generation EU, has been agreed upon
to provide grants and loans to the pandemic-hit countries.
 TOURISM IMPACT OF COVID-19
 Average occupancy rate in Greek hotels during the July- September period. Compared to Q2 2019, and according to ELSTAT
data, the tourism sector's employment index recorded a 39.5% drop in Q2 2020, while salaries and hourly wages dropped by
69.7%. Overall, tourism has greatly suffered from COVID-19.

 As the coronavirus disease (COVID-19) has officially been declared a pandemic, the discussion about the impacts of the spread
of the disease on national economies is rising. Without doubt, the tourism sector will experience one of the first, and probably
most severe, shocks to be caused by the international spread of COVID-19.

 The Greek economy heavily depends on tourism activities and, especially, on international travel receipts, which, according to
Bank of Greece (BoG) data, reached 18.2 billion euros in 2019, that is, almost 56% of the service exports and about 26% of the
total exports. Therefore, a major disruption in the incoming tourism is expected to have significant negative effects on the
Greek economy.

 This fact is recognized in the recent economic forecasts of both the Greek ministry of finance (MinFin) and the European
Commission (EC) for the Greek economy. For instance, MinFin, assuming a slow-paced rebound of travel receipts as of July
2020 (baseline macroeconomic scenario), estimates a gross domestic product (GDP) decrease of 4.7% and a decline in
employment by 3.6% in the Greek economy for 2020, while in the case where the easing of travel restrictions delay (adverse
scenario) estimates a recession of 7.9% (Ministry of Finance, 2020).
 RELIGION OF GREECE

Despite the long Ottoman administration, virtually all of the population belongs to the 

Church of Greece (Greek Orthodox Church). An autocephalous (ecclesiastically independent) 
Eastern Orthodox church, this body appoints its own ecclesiastical hierarchy and is headed by a
synod of 12 metropolitans under the presidency of the archbishop of Athens. Almost all Cretans
belong to a special branch of the Church of Greece headed by the archbishop of Crete, who is
directly responsible to the Ecumenical Patriarchate of Constantinople. The Muslim (primarily 
Sunni) minority, which constitutes most of the non-Orthodox sector of the population, is mainly
Turkish and concentrated in western Thráki and the Dodecanese. Roman and Greek Catholics,
predominantly located in Athens and the western islands formerly under Italian rule, account for
the rest, except for a few thousand adherents of Protestantism and Judaism. Greece’s Jewish
population was almost wiped out by the Nazi genocide of World War II.
 EDUCATION
 Education is free at all levels and is compulsory for children between ages 6 and 15. Nearly the
entire population is literate. The oldest institutions of higher learning are the National Technical
University of Athens (1836), the National and Capodistrian University of Athens (1837), and the
Aristotle University of Thessaloniki (1925). The latter institution has a tradition of innovation
compared with the more conservative University of Athens.
 Education has long been prized in Greece, both as an end in itself and as a means of upward
social mobility. Wealthy Greeks of the diaspora have been major benefactors of schools and
universities in their homeland. The state educational system is somewhat rigid, heavily
centralized, and generally considered inadequate. As a consequence, many children attend
private phrontistiria, institutions that tutor students outside normal school hours.
 FINANCE
The central bank is the Bank of Greece, which issued the drachma, the national currency,
until 2001, when Greece adopted the euro as its sole currency. Greece has been a member
of the EU since 1981. A significant number of the country’s commercial banks are state-
controlled. The state also exercises considerable control over the insurance sector
There is a stock exchange in Athens, but, for many Greeks, real estate, foreign currency,
gold, and jewelry have proved to be more attractive investments than securities and bonds.
Although Greece has a pension and social insurance system of considerable complexity,
many Greeks have opposed changes to it.
By the late 1990s it had become easier for Greeks to obtain their pensions and get medical
care. The main social security fund, the Social Insurance Institute (IKA), is prone to
recurrent funding crises.
 LAND
Greece is bordered to the east by the Aegean Sea, to the south by the 
Mediterranean Sea, and to the west by the Ionian Sea. Only to the north and
northeast does it have land borders (totaling some 735 miles [1,180 km]), with, from
west to east, Albania, the Republic of North Macedonia (see
 Researcher’s Note: Macedonia: the provenance of the name), Bulgaria, and Turkey.
The Greek landscape is conspicuous not only for its rugged beauty but also for its
complexity and variety. Three elements dominate: the sea, the mountains, and the
lowland.
 The Greek mainland is sharply indented; arms and inlets of the sea penetrate so
deeply that only a small, wedge-shaped portion of the interior is more than 50 miles
(80 km) from the coast.
 The rocky headlands and peninsulas extend outward to the sea where there are many island arcs
and archipelagoes. The southernmost part of mainland Greece, the Pelopónnisos (ancient Greek: 
Peloponnese) peninsula, connects to the mainland only by the narrow isthmus at the head of the
Gulf of Korinthiakós (Corinth). 
  Greece’s mountainous terrain covers some four-fifths of the country, much of which is deeply
dissected. A series of mainland mountain chains running northwest-southeast enclose narrow
parallel valleys and numerous small basins that once held lakes.
 With riverine plains and thin, discontinuous strips of coastal plain, these interior valleys and
basins constitute the lowland. Although it accounts for only about one-fifth of the country’s land
area, the lowland has played an important role in the life of the country.
 CENTRAL GREECE: THE PINDOS MOUNTAIN
 The central mountain range, the Pindos (ancient Greek: Pindus) Mountains, forms the core of
mainland Greece. 
 The range’s highest point, Mount Smolikas, 8,652 feet (2,637 meters) high, is found in the north.
 Following the general northwest-southeast trend of the mountains of the Balkan Peninsula, the
Pindos sweep down from the Albanian and North Macedonian frontiers, creating a powerful
barrier. 
 The two passes of Métsovon and Mount Timfristos divide the range into three units: a fairly open
segment in the north where impervious shales and sandstones have weathered and formed into
extensive upland valleys and gently inclining hills; the Pindos proper in the Centre, some 20 miles
(32 km) wide and predominantly limestone; and an almost uncrossable zone in the south, about 50
miles (80 km) wide, deeply cut by winding rivers and composed of a mixture of limestone, slates,
and sandstones. 
 NORTHEASTERN GREECE: MAKEDONIA AND THRAKI

Several topographic regions surround the main mountainous core and are often
penetrated by extensions of it.
The northernmost part, roughly the regions of Greek Makedonía (Macedonia) and
Thráki (Thrace), extends in a long, narrow, east-west band between the Aegean
coast and the frontier with the countries of North Macedonia and Bulgaria.
It consists of forest-clad, crystalline mountain massifs and plateaus created by the
fracturing of the Hercynian block and separated from each other by the alluvial
deposits of the five great rivers of northern Greece: the Maritsa (Évros), Néstos,
Strymónas (Struma), Vardaráis (Vardar; Axiós;), and Aliákmonos (Aliákmon).
 The Maritsa River, in its low-lying, marshy valley, marks the Turkish border. 
 SOILS
 Throughout the rocky highland areas of Greece, which are characterized by their limestone
formations, the soil is thin and relatively poor.
 The valley areas contain claylike soil known as terra rosa, reddened earth that originates from the
residue of limestone rocks. 
  These areas are adequate for farming. The most fertile regions, however, are along coastal plains
and beside rivers.
 The clay and loam soils that predominate there may even require drainage prior to cultivation.
THANK YOU