A South Europe country
A developed country
GDP per capita: $17616 in 2020
Joined the Euro zone in 2001
2021/10/17
Greece
Greece economics
- GDP and unemployment rate
Greece Poverty: A case
Absolute poverty measures
Absolute poverty line: \[ z = \text{PPP} $1.90 / \text{day} \]
## DataYear PovertyLine HeadCount PovGap PovGapSqr ## 1 1995 1.9 0.0174 0.0114 0.0096 ## 2 2000 1.9 0.0049 0.0040 0.0034 ## 3 2003 1.9 0.0053 0.0041 0.0038 ## 4 2004 1.9 0.0065 0.0050 0.0044 ## 5 2005 1.9 0.0034 0.0022 0.0019 ## 6 2006 1.9 0.0055 0.0034 0.0028 ## 7 2007 1.9 0.0050 0.0041 0.0038 ## 8 2008 1.9 0.0034 0.0029 0.0026 ## 9 2009 1.9 0.0063 0.0054 0.0051 ## 10 2010 1.9 0.0097 0.0072 0.0065 ## 11 2011 1.9 0.0117 0.0086 0.0077 ## 12 2012 1.9 0.0147 0.0065 0.0038 ## 13 2013 1.9 0.0100 0.0034 0.0018 ## 14 2014 1.9 0.0153 0.0084 0.0064 ## 15 2015 1.9 0.0140 0.0080 0.0060 ## 16 2016 1.9 0.0105 0.0057 0.0043 ## 17 2017 1.9 0.0089 0.0043 0.0031 ## 18 2018 1.9 0.0014 0.0012 0.0011
Strong relative poverty measures
Strong relative poverty line: \[ z = k*m \]
Here I use \(k = 0.5\).
## DataYear PovertyLine HeadCount PovGap PovGapSqr ## 1 1995 12.31 0.2474 0.08510 0.04596 ## 2 2000 13.69 0.2199 0.06667 0.03104 ## 3 2003 15.80 0.2002 0.05744 0.02653 ## 4 2004 16.66 0.2026 0.06093 0.02949 ## 5 2005 16.84 0.2125 0.06483 0.02982 ## 6 2006 16.99 0.2229 0.06774 0.03269 ## 7 2007 17.49 0.2052 0.06255 0.02972 ## 8 2008 17.77 0.1952 0.05926 0.02774 ## 9 2009 18.04 0.1963 0.06159 0.03022 ## 10 2010 15.64 0.2118 0.06776 0.03456 ## 11 2011 12.98 0.2253 0.07958 0.04374 ## 12 2012 11.27 0.2364 0.08715 0.04756 ## 13 2013 10.76 0.2387 0.08478 0.04482 ## 14 2014 10.72 0.2305 0.08415 0.04619 ## 15 2015 10.90 0.2358 0.08647 0.04717 ## 16 2016 11.13 0.2204 0.07708 0.03992 ## 17 2017 11.29 0.2118 0.06952 0.03463 ## 18 2018 11.68 0.1986 0.05842 0.02518
Welfare consistent poverty measures
Welfare consistent poverty line: \[ Z=\operatorname{Max}\left(\$ 1.9,0.9+0.7 *(1-\text { Gini })^{*} \mathrm{m}\right) \]
## DataYear PovertyLine HeadCount PovGap PovGapSqr ## 1 1995 11.76 0.2149 0.07815 0.04257 ## 2 2000 13.50 0.2150 0.06459 0.03008 ## 3 2003 15.78 0.1984 0.05720 0.02642 ## 4 2004 16.39 0.1957 0.05865 0.02848 ## 5 2005 16.32 0.1968 0.06041 0.02769 ## 6 2006 16.34 0.2020 0.06190 0.03005 ## 7 2007 17.07 0.1937 0.05920 0.02817 ## 8 2008 17.42 0.1856 0.05664 0.02652 ## 9 2009 17.66 0.1860 0.05885 0.02893 ## 10 2010 15.33 0.2035 0.06492 0.03325 ## 11 2011 12.74 0.2166 0.07691 0.04243 ## 12 2012 10.95 0.2251 0.08309 0.04539 ## 13 2013 10.52 0.2227 0.08148 0.04307 ## 14 2014 10.53 0.2234 0.08161 0.04488 ## 15 2015 10.66 0.2295 0.08328 0.04550 ## 16 2016 11.03 0.2163 0.07586 0.03929 ## 17 2017 11.28 0.2116 0.06935 0.03455 ## 18 2018 11.88 0.2078 0.06078 0.02629
Comparasion
Inequality measures
\[ \operatorname{Gini}=\frac{1}{2 n^{2} \bar{y}} \sum_{i=1}^{n} \sum_{j=1}^{n}\left|y_{i}-y_{j}\right| \]
## year Absolute Gini Relative Gini MLD Top/Bottom ratio ## [1,] 1995 0.369 0.370 0.319 13.44 ## [2,] 2000 0.342 0.342 0.228 10.07 ## [3,] 2003 0.327 0.328 0.202 8.95 ## [4,] 2004 0.346 0.336 0.215 9.69 ## [5,] 2005 0.346 0.346 0.216 10.17 ## [6,] 2006 0.351 0.351 0.229 10.81 ## [7,] 2007 0.339 0.340 0.219 10.03 ## [8,] 2008 0.335 0.336 0.209 9.85 ## [9,] 2009 0.352 0.336 0.221 10.17 ## [10,] 2010 0.341 0.341 0.234 10.64 ## [11,] 2011 0.348 0.348 0.254 12.65 ## [12,] 2012 0.362 0.363 0.255 13.75 ## [13,] 2013 0.361 0.361 0.244 13.17 ## [14,] 2014 0.357 0.358 0.258 13.37 ## [15,] 2015 0.359 0.360 0.259 13.54 ## [16,] 2016 0.349 0.350 0.237 11.83 ## [17,] 2017 0.343 0.344 0.224 10.94 ## [18,] 2018 0.328 0.329 0.192 9.08
Inequality measures
The cirsis
Global financial crisis in 2008.
The Greek debt crisis in 2010.
Before that:
High level of welfare makes fiscal condition even worse.
Fragile economic structure.
Severe tax evasion.
Mismatch between fiscal and monetary policy.
Fiscal burden
Tax evasion
Economic structure
Rely on agriculture, shipping and tourism sector.
Persisent impact on economics and poverty
Major sectors were hit by the global crisis.
Government cut the expenditure.
Monetary policy was abandoned.
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