A qualitative analysis of the macroeconomic parameters of the economy needs further processing and analysis. For example, the relationship between employment opportunities and productivity is one of the most reliable indicators of economic development.

On the other hand, the youth unemployment rate is predominant among youth aged 15 to 24, starting in 2013 when the unemployed were 58.2% and ending at 36.8% in April 2022. what job seekers are looking for to fill specific jobs, that is, employers. In addition, the prolonged recession experienced by the Greek economy during both the financial crisis and the pandemic has rekindled debate on the much-discussed issue of restructuring the country’s production structure, as now is the right opportunity to change the economic model. from domestic consumption in an extroverted orientation with products capable of competing with their counterparts in international competitive markets. Low competitiveness as a percentage of GDP and low growth doom the country to long-term stagnation.

The basic components of the reduction, obviously, should include the sufficiency of specialized, qualified personnel at all levels of education. The world is changing in the workplace, and about 70% of the job categories that exist today will disappear in the next decade. The digital revolution is just around the corner, and the extent to which a business embraces it is a survival factor for the next day. Reforms are expected to be carried out in the areas of justice, public administration and education. However, if they are implemented, they will free up entrepreneurship and investment, rid the citizens of the unnecessarily ongoing gangrene of bureaucracy, and add value to elementary education in elementary schools rather than universities, precisely because it is easily “sold” to the buyer. media. In the field of Education, the politicians themselves, in choosing the studies they will do for themselves and their children, must show their confidence in the Greek university in practice, as societies work imitatively with exemplary models.

The tripartite components of GDP growth should be quantified, with more emphasis on exports and investment and less on consumption. When we talk about an increase in exports, at the same time, we should not compare it with the rate of increase in imports, otherwise we are happy and the trade deficit is growing. When we talk about investment, it is good to look at depreciation, while the consumption of domestically produced Greek products would be easier compared to the consumption of imported products that burden the balance sheet.

This is a good opportunity to change the economic paradigm from introverted consumption to extroverted orientation.

Creeping inflation that increases nominal GDP after the debt-to-GDP ratio declines is a delusion, as inflation-driven growth is not healthy and the economy will soon fall into a deep recession. Here, of course, we should also focus on the inequalities caused by inflation, such as the transfer of wealth at the expense of vulnerable social groups.

Obviously, the economy is not only absolute numbers. Both the leaders and those engaged in economic activities should bring happiness and prosperity through economic results. The social orientation of the economy is the responsibility of all democratic governments, based on the balance of law and the equal distribution of wealth, so as not to resort to easy and simplistic solutions that offer recipes for populist politics. Strengthening democracy in the minds of everyone is an invaluable boon and a daily political exercise that we must all defend.

* Mr. Antonis Zairis is Vice Vice President of SELPE, Associate Professor of Business Administration at Neapolis University in Cyprus, Member of the American Economists Association (AEA) and Member of the World Economic Forum (WEF).