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Few people know that after World War II, Greece, which was among the most affected countries, demonstrated a masterclass in how to use the “Marshall Plan” for rapid recovery and growth.  
From 1950 to 1973, the Greek Economic Miracle continued, which was admired by economists around the world. It was a period of rapid economic boom when the average annual GDP growth rate was 7.7%, which was one of the highest in the world.

The country experienced a short period of dictatorship, after the fall of which it was able to resume its movement towards joining the EU, of which it became a member in 1981. And it was able to immediately take advantage of European integration to give its own economy a new impetus.

If among the countries of the world you choose the top most successful ones of the second half of the 20th century, then Greece would definitely be among them. After all, its real GDP increased almost 4 times.

But 16 years ago, serious problems began to occur with the Greek economy—the country suffered one of the worst blows to the standard of living among developed countries. GDP collapsed, unemployment skyrocketed, and Greece turned into an economic catastrophe.

In this video we will analyze the secrets of Greece’s rapid postwar recovery and success, as well as reveal the reasons for its decline and stagnation. And what role populism in socio-economic policy played, so that even the European Union became a hostage to the irresponsibility of Greek politicians.

This video was created with the support of the National Endowment for Democracy (NED). NED may not share the views and opinions expressed in the video.

00:00 Introduction  
04:00 Postwar Recovery  
10:14 From Liberal Economy to State Intervention  
14:03 EU Membership  
17:53 On the Way to Total Crisis  
19:25 Reasons for the Decline of the Colossus  
21:31 Financial Aid and Harsh Austerity  
24:06 Modern Greek Economy: Tourism  
25:19 Shipping  
27:39 Agriculture  
29:50 Inefficient Public Sector  
30:53 Nepotism  
32:32 Corruption  
35:45 Tax Evasion  
38:05 Lack of Effective Innovation Development  
39:58 Inefficient Use of EU Funds  
42:29 Generous Pension System  
45:37 Labor Market  
46:53 Digitalization  
48:44 Conclusion

#economy #history #greece