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greeceSix from 10 youths are unemployed, even though there do exist hopes!

The unemployment rate in Greece marked a new negative record. According to published data in November, this rate is around 28%. In October it was 27.7%. For under 25 years old youth, unemployment rate reached 61.4% of all job seekers.

The stringent austerity measures in savings caused the decreasing of economy growth for years. Anyway there are other macroeconomic indicators which give hopes for a recovering. But the scary numbers of unemployment show the opposite of what the government want people to believe. The government wants to create the idea that the economy is recovering from the worse 6 years of a continuous recession which ranked Greece as a “developing” country.

The before crises contrast is wild. In 2008 the unemployment rate was 12%.It is predicted a little growth this year according to the removing of budget deficit and current account, excluding the interest payments deficit of the IMF and European Union credits. The government is frightened about the local elections and European Parliament, which will be held in May.

The unemployment in Greece is two times greater than the Euro area unemployment. Even though there are some signals as producing activity and construction and retail sales, the unemployment rate is predicted to increase even in coming months. There are 1.38 million officially unemployed and it will need time to reduce this number. According the studies it will need at least 20 years to normalize the economic situation.

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