Cyprus has a record of successful economic performance reflected in rapid growth, full employment conditions, and external and internal stability, almost throughout the post-Independence period (from 1960). In terms of per capita income - currently estimated at US $12,687 (2003) - Cyprus is classified among the high-income European countries. The economy of Cyprus is 73.1 percent free, according to our 2007 assessment, which makes it the world's 20th freest economy. Its overall score is 0.2 percentage point lower than last year, partially reflecting new methodological detail. Cyprus is ranked 12th out of 41 countries in the European region, and its overall score is higher than the regional average. The first development plan (196266), designed to broaden the base of the economy and to raise the standard of living, resulted in an average annual real growth rate of 5.4%. The second development plan (196771) called for an annual growth rate of 7% in the GDP; actual growth during this period was nearly 8% annually. The third development plan (197276) envisaged an annual economic growth rate of 7.2%, but a drought in 1973 and the war in 1974 badly disrupted development programs. Physical destruction, a massive refugee problem, and a collapse of production, services, and exports made it impossible for Cyprus to reach the targets.
Until July 1974 the Cyprus economy was developing vigorously, particularly the agricultural sector which accounted for more than one third of the GDP. The tourist and light industry sectors were also growing. After the events of 1974 light industry was the engine of growth until the mid 1980's. By the late 1980's services replaced industry with tourism being the driving force of economic development. Since 1974 there has been a de facto partition of the island with the Turkish Cypriot community in the north and the Greek Cypriots in the south. Since 1975, multi-year emergency economic action plans inaugurated by the Republic of Cyprus have provided for increased employment, incentives to reactivate the economy, more capital investment, and measures to maintain economic stability. Since its military intervention in 1974, Turkey has provided substantial financial aid to the Turkish Cypriot area. In 1996, this assistance was estimated to be approximately one-third of the area's GDP, or approximately $175 million. The 199498 Strategic Development Plan emphasized a free-market, private-sector economic approach with a target GDP growth of 4% annually. The plan called for a domestic savings rate of 22.3% of GDP; an increase of labour productivity of 2.
"Economic Development. (From the Library)." Government Finance Review 17.6 (Dec 2001): 58(1). General OneFile. Gale. Apollo Library. 19 May 2008 ..
The austerity measures that were implemented in Greece in 2011 with the goal of building a stronger economy had significant effects on the Greek population. The financial crisis and the fiscal programs largely affected the psyche of the population. Greece saw a major increase in the number of suicides from 2001 to 2011. A case study provided from the department of Psychiatry in the University of Athens illustrates greatly illustrates this fact. According to the data acquired from the ELSTAT (Hellenic Statistical Authority) a total number of 4,133 suicides out of 100,000 inhabitants, who were the specific study group in this case, committed in this decade. Specifically, the suicide rate increased by 38.4% between the years of 2001 to 2011; in
?The Magic of Membership: The lure of the EU may yet settle Cyprus.? The Economist 18-24 Jan. 2003.
"Europe must prevent Greece from becoming an out-and-out catastrophe and make sure that the same fiscal 'remedy' is not applied to other weak economies" -- MEP, Franziska Brantner.
During the time of economic crisis starting around 2010 different rationalities have been taken to try and continue economic growth while maintaining a stable government system that is helping and not hurting. When examining government spending and how it affects the growth of the Gross Domestic Product (GDP) there seems to be disagreements on if it was helping or damaging the prospective growth that could be made. By using the Multiplier Effect the government can estimate how to adjust their government spending and how it effects the spending of the consumer, investments and spending of country’s exports.
Following the events of the catastrophic 2008 European Financial Crisis, members of the Eurozone began to fear for what they once thought was impossible; the collapse of the Eurozone. After hopes of a speedy recover proved futile, European leaders expected recovery processes to take longer than anticipated. The P.I.G.S. members of the Eurozone, Portugal, Ireland, Greece, and Spain, were hit hardest by the financial crisis, with Greece undoubtedly being in the worst economic condition. Being brought to the brink of collapse, Greece can attribute to its poor economic condition from its reckless deficit spending, poor fiscal policy, and weak state institutions. While many called for “the New Sick Man of Europe” to default on its debt and abandon the euro, Greece made the right decision to remain part of the Eurozone, where leaving would have caused far more severe consequence in the long term.
The growth was expected to gradual slow down, but con... ... middle of paper ... ... were basically led by the promise of a great profit, this false pretense helped people in high authority to be blinded by the chances of certain personal goals so they only cared about continuing their personal and collective growth without analyzing the decisions correctly and understanding the recklessly of there actions, they failed to anticipate that their selfish actions would eventually and inevitably has a severe effect on the Irish economy as a whole and for many individuals who are now jobless as a result. The recession has affected almost everyone and methods must be engaged to punish those who acted irresponsible and learn from our mistakes to protect the future economics solidity of the state. http://www.wsm.ie/c/introduction-crisis-ireland-causes-conflicts http://www.irishtimes.com/business/economy/ireland/blinkered-thinking-at-the-heart-of-ireland-s-
In order to assess the current state of the economy, the examination of important economic indicators or variables has always played a vital role in the understanding of the complex economic systems we live in. The analysis of these economic variables studied by many, not only has served as a tool to evaluate the current economic performance of a country, but also has allowed experts to envisage and continue the pavement of an economy's road. Currently, some economic variables have had favorable improvements indicating a general good outlook for the economy for the following months, requiring a further individual analysis and comparisons in order to foresee crisis or successes.
Turkey’s economy has weathered some spectacular pratfalls in the past, with a major economic crisis in 2001 almost bringing the country to its knees. What’s different in 2004 from the previous "recoveries" is how committed Turkey is to establishing firm economic footing once and for all. The government is swallowing the International Monetary Fund’s painful economic medicine, making tough choices for fiscal discipline.
Greece is a country with an interesting geography that is diverse in many senses. The location of Greece itself, as well as the lithosphere, biosphere, hydrosphere, and atmosphere come together to form the cumulative geography of the country. These categories of geography interact with each other to form Greece as it is. The location, its longitude and latitude, effects the country’s climate, or its atmosphere. Likewise, the country’s relationship to water, the hydrosphere also effects the climate. This is just one example of how the different categories and characteristics of a place’s geography can effect it.
Despite its beautiful scenery, its plentiful natural resources, and its extraordinary tradition of hospitality, Albania has always been “the most isolated country in Europe and from World War II until very recently, one of the most isolated countries on earth” (“Real Adventures – Albania” 1). Amongst the booming economies of Europe, Albania is markedly poor, and is trying to make the difficult transition to a more modern open-market economy. In addition, the government is taking steps to encourage economic growth as well as trade. Albania, according to 2003 estimates, “has a GDP of $16.13 billion, with a per capita GDP of $4,500” (“Albania – CIA Factbook” 2). This is an improvement over the Cold War era, in which Albania’s economy was a complete disaster – still, however, Albania’s economy is considerably weak compared to its European neighbors.
Since the turn of the millennium Ireland witnessed unprecedented growth, in stark contrast to the economic hardship of the 1900’s. Ireland became one of the most prosperous countries in Europe during the 2000’s. Times were good for Ireland as unemployment was low, growth and GDP was growing year on year and inflation was constant. In 2008, all this was to change and Ireland witnessed the worst recession in its history. The banking crisis, the construction sector and poor regulation were the major contributors in the Irish recession. A fiscal crisis erupted, NAMA (National Assets Management Agency) was established to secure bad loans in banks, and a EU/IMF bailout was agreed which burdened Irish taxpayers. I will explore the causes and consequences of the crisis in this essay.
The economy of a nation is a major indication of its success. One aspect of a nation's economic success or failure is the system of government. Whether a nation is socialistic, communistic, ruled by absolute sovereignty, or based on capitalistic principles can be a key factor in a country's economic success or failure. Government is the foundation of an economy but it is not what determines its success. Issues that determine a nation’s economic success include growth strategies, improved or increased resources, investment and savings, government policies, trade, foreign direct investment, income distribution, labor allocation, innovations in technology, and several other economic issues. I feel that economic growth is the main indicator of economic success. Additionally, innovations in technology, improving human capital, and improving foreign direct investment (FDI) are three issues that can lead to economic growth.
The Greek crisis is a result of an accumulation of dire policy mistakes. It all began when the previous Greek governments decided not to reveal their debts and deficits in order to fulfill the necessary requirements for the membership of the Eurozone. Furthermore, the government consisted of mass tax evasion as well as corruption. In 2009, the newly elected Greek government decided to expose the real debt and deficits’ figures, which brought much speculative waves regarding the economy. At the moment (since 2010) a number of organizations and countries are providing the Greek state with assistance in regards to alleviating their government debt. International organizations, such as the International Monetary Fund and the European Governing body, the European Union, are undergoing a set of policies designed to assist Greece in its debt crisis. One of the main supporters of the Greek economy is German...
When looking through the topic of development, two drastically different ways to assess it arise. The majority of the western world looks at development in terms of per capita GNP. This means each country is evaluated on a level playing field, comparing the production of each country in economic value. Opposite this style of evaluation is that of the alternative view, which measures a country’s development on its ability to fulfill basic material and non-material needs. Cultural ties are strong in this case as most of the population does not produce for wealth but merely survival and tradition.