Comparing recent economic crises in Greece

• Κύριος συγγραφέας: Νικολαΐδου-Κυπριανίδου, Ασπασία-Μαρία
• Άλλοι συγγραφείς: Nikolaidou-Kyprianidou, Aspasia-Maria
• Γλώσσα: English
• Έκδοση: 2021
• Θέματα: Greece; Economic crisis; Pandemic; Unemployment rate; Tourist destinations; Ελλάδα; Οικονομική κρίση; Πανδημία; Ποσοστό ανεργίας; Τουριστικοί προορισμοί

The purpose of this particular dissertation is to compare the economic crisis that started in Greece in 2009, with the one of 2020, that was the result of the pandemic of coronavirus (Covid-19), in terms of the unemployment rate of the country. The research was conducted using monthly and quarterly data from the Hellenic Statistical Authority (ELSTAT), that were analyzed with the software Stata. One basic similarity between the two crises is that both had a negative impact on the unemployment of Greece, either concerning the regions separately, or the country as whole. However, the results showed that the negative effects of the crisis of 2009 on the unemployment were long term, whereas the corresponding negative effects of the crisis of 2020 were short term. The results of our estimations also showed that the rise of the unemployment rate of the country in 2020 was because of the rise of the unemployment in the areas that are tourist destinations and therefore that the cause of the increase of the unemployment rate was basically the negative impact of the pandemic on the tourism industry. However, concerning the crisis of 2009, the results showed that the tourism industry did not affect the unemployment rate in that crisis, confirming the difference between the two crises. Moreover, we showed that someone that was working in occupations in accommodation or food service activity in 2019 was more probable to be unemployed in 2020, compared to having worked in manufacturing, confirming once again that the tourism sector was responsible for the increase of the unemployment rate in Greece in 2020. As far as the crisis that started in 2009 is concerned, in 2013, which was the year that the unemployment rate peaked in the country, the probability was estimated to be much lower, indicating that that was not the case in the first crisis of our analysis and confirming once again the difference between these two crises.