https://padlet.com/berniceoh11/1o7fghehovlm Made with the strength to succeed en-us 2017-05-17 09:34:07 UTC 2026-02-07 03:55:10 UTC hello@padlet.com berniceoh11 https://padlet.com/berniceoh11/1o7fghehovlm/wish/172287068 Unemployment rate decreased from 23.3% to 23.2% in February 2017. This is a good sign as it means that the number of people unemployed is decreasing. Unemployment causes loss of income which affects self-esteem. It also contributes 
to loss of output which affects the nation's GDP. Based on the article, employment rose by 0.2% to 3.7million. Even though the employment rate is increasing, the unemployment rate of Greece is still double that of the Eurozone average. The number of employed persons is 3627.20 thousand and the number of unemployed persons is 1141.50 thousand, 23.2% of the adult population in Greece. Referencing from Bloomberg news, "A 3 percent to 4 percent unemployment rate is a reasonable goal for policymakers to embrace." Hence, 23.3% unemployment rate is dangerously high for a country. Unemployment continued to affect those aged 15-24 years old as 47.9% of young active population is unemployed. Based on research, Greece's high unemployment rate is due to the lack of jobs during a recession. When GDP falls, companies close down and has to retrench its workers and hence contributing to the unemployment rate.


]]> 2017-05-17 09:57:20 UTC https://padlet.com/berniceoh11/1o7fghehovlm/wish/172287068 jesslynwang2000 https://padlet.com/berniceoh11/1o7fghehovlm/wish/172346611 After the growth of 0.9% from July 2016 to September 2016, the Greek GDP decreased by 0.4% in the last three months of 2016. The fall of the GDP was steep and unforeseen. There are ongoing differences between the EU and International Monetary Fund. Greece owed a €7bn debt repayment to the European Central Bank in July. The Dutch finance minister warned that it was unlikely a solution would be found before the next meeting of finance ministers representing countries in the currency bloc on 20 February. Greek officials have repeatedly voiced optimism that the review will soon be concluded.
 The reason why there was a decrease in GDP for Greece is due to the additional austerity set by the government. The government came up with difficult economic measures like a national monthly pension of €384, to reduce public expenditure as they owed a huge amount of money to the European Central Bank. There was also a rate of over 25% of unemployment, which could have resulted in the decreasing GDP.]]> 2017-05-17 14:40:21 UTC https://padlet.com/berniceoh11/1o7fghehovlm/wish/172346611 jesslynwang2000 https://padlet.com/berniceoh11/1o7fghehovlm/wish/172355674 Statistics analyzed that Greece's inflation rate rise above market expectations, reaching almost a five-year high. Consumer price index rose to 1.2 percent yearly from 0 percent in January, emerging from a protracted deflation trend and thus many Greek household incomes were adversely affected by it- wage and pension cuts and multi-year recession.
The sudden jump in inflation was caused by the surge in energy prices as economic growth prosper and unemployment rate fell to its lowest in seven years.
The surge in energy prices could be due to green levies and taxes to support renewable energy. By increasing energy prices, consumers will have a smaller purchasing power]]> 2017-05-17 15:08:21 UTC https://padlet.com/berniceoh11/1o7fghehovlm/wish/172355674 joeylimm90 https://padlet.com/berniceoh11/1o7fghehovlm/wish/172362209 Group Members: Bernice, Pei Qi, Jesslyn, Andrea and Joey 
Country Chosen : Greece]]> 2017-05-17 15:27:22 UTC https://padlet.com/berniceoh11/1o7fghehovlm/wish/172362209 NAJ1 https://padlet.com/berniceoh11/1o7fghehovlm/wish/173043822 Good choice of a country. You may to read and research more to find out the underlying reasons for the current state of Greece's economy.

Warm Regards

Joshua Nath

]]> 2017-05-22 02:57:04 UTC https://padlet.com/berniceoh11/1o7fghehovlm/wish/173043822 berniceoh11 https://padlet.com/berniceoh11/1o7fghehovlm/wish/174919712 Greece"s crisis started because of profligacy. In the beginning, when Greece first joined the European Community, its economy was in good shape. But in October 1981, when the Panhellenic Socialist Movement (PASOK) came into power, to keep voters happy, they automatically rose salaries every year not based not performance and productivity. Pensions were generous and they were entitled to additional pay during the holiday. The government fell into huge debt due to low productivity, eroding competitiveness and rampant tax evasion. They are not producing enough goods and services and they have a high unemployment rate but need to pay back their debts. Hence, the economy is not growing.
Sources: http://www.investopedia.com/articles/personal-finance/061115/origins-greeces-debt-crisis.asp]]> 2017-06-02 04:05:00 UTC https://padlet.com/berniceoh11/1o7fghehovlm/wish/174919712 berniceoh11 https://padlet.com/berniceoh11/1o7fghehovlm/wish/178747223 https://www.nytimes.com/interactive/2016/business/international/greece-debt-crisis-euro.html

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