Greece is recovering, but there is a cost of living crisis making everything harder

[Zeno]

Anyone who follows economic news sees how Greece has changed dramatically in terms of macroeconomics... The debt-to-GDP ratio is falling fast, with predictions to fall under 150% of the GDP when it was 210% just 3 years ago, we got the investment grade from almost all respective agencies, meaning that investments are immediately feasible, and the economy is indeed growing, with GDP growth rates much better than the rest of the EU almost.

But apart from these, the cost of living has also risen, along with the rise in wages... To the point that it's no longer enough for many people. Like, I know this happens everywhere in the West at the moment. But it's frustrating, as Greeks barely got out of a crisis that wrecked them, and even though they get some benefits, they're immediately swallowed by the huge rises in rent and food and other goods' prices.

[Voskos]

What is recovering? It's worse than 2000, and it's been 20 years since. Greece doesn't exist anymore.

[Zeno]

What is recovering? It's worse than 2000, and it's been 20 years since. Greece doesn't exist anymore.

Compared to 2015, when it was truly a hell, it is. Compared to 2008, when it was the peak, it still hasn't reached this level. The point wasn't that however. The post revolves around the cost of living which has risen dramatically.

[Voskos]

Compared to 2015, when it was truly a hell, it is. Compared to 2008, when it was the peak, it still hasn't reached this level. The point wasn't that however. The post revolves around the cost of living which has risen dramatically.

The cost of living keeps rising, it's a normal thing. What however is not normal is the wages getting lower and staying still at 700e.

[Anaximander]

Greece never recovered. Youre welcome to the sick man of Europe

[Zeno]

The cost of living keeps rising, it's a normal thing. What however is not normal is the wages getting lower and staying still at 700e.

Over the last 3 years, the rise has been anything but normal. Plus, wages aren't even at 700 euros anymore at the minimum wage level, the average fellow gets way more than that. And after the 3-year work experience system is implemented from 1/1/2024, it will get even higher for many people who have accumulated work years. But that's not that much helpful, when the rent has almost doubled and a carton of milk has gotten from 1 euro to almost 2 euros on average (only supermarket label brands are that cheap still), detergents have gotten 200% more expensive, and even vegetables by 50% at the least. No matter how much the wages increase, if the prices of goods keep rising at the same time, with a much higher rate, it will be pointless. That's actually the issue plaguing all Western countries at the moment, especially when it comes to rent and housing.

Because: in 2008, we had much higher wages than now, but with a significantly lower cost of living. 100 euros of weekly groceries will get less now than 15 years ago would. Or even in comparison to 5 years ago.

[Voskos]

Is that what they teach you at uni in EKPA?

Lol, gtfo and go study in Skopje then.

ANyways, I get your point, ok. No time or enough brain for such debates.

[Zeno]

Is that what they teach you at uni in EKPA?

Lol, gtfo and go study in Skopje then.

ANyways, I get your point, ok. No time or enough brain for such debates.

Nah, it's from experience, rather. If you get to pay more from your salary for everyday items, no matter how much you get paid, if they get more expensive, you'll suffer.

[Anaximander]

Over the last 3 years, the rise has been anything but normal. Plus, wages aren't even at 700 euros anymore at the minimum wage level, the average fellow gets way more than that. And after the 3-year work experience system is implemented from 1/1/2024, it will get even higher for many people who have accumulated work years. But that's not that much helpful, when the rent has almost doubled and a carton of milk has gotten from 1 euro to almost 2 euros on average (only supermarket label brands are that cheap still), detergents have gotten 200% more expensive, and even vegetables by 50% at the least. No matter how much the wages increase, if the prices of goods keep rising at the same time, with a much higher rate, it will be pointless. That's actually the issue plaguing all Western countries at the moment, especially when it comes to rent and housing.

Because: in 2008, we had much higher wages than now, but with a significantly lower cost of living. 100 euros of weekly groceries will get less now than 15 years ago would. Or even in comparison to 5 years ago.

Even Romania has surpused us in GDP per capita in local Prices(GDP PP) .And imagine this index doesnt take into considaration the influx of imported goods, which are the most expensive and numerically the most in Greek markets, since Greece produces NOTHING.
We should be at the same real income level with Bulgaria right now, with the difference that Bulgarians are much more traditionalist and patriotic than us, which means they will surpus us in the very near future.

[Zeno]

Even Romania has surpused us in GDP per capita in local Prices(GDP PP) .And imagine this index doesnt take into considaration the influx of imported goods, which are the most expensive and numerically the most in Greek markets, since Greece produces NOTHING.
We should be at the same real income level with Bulgaria right now, with the difference that Bulgarians are much more traditionalist and patriotic than us, which means they will surpus us in the very near future.

By very little. For Bulgaria, it's very debatable, as they don't have the same rate of growth like us, plus that they have a lot more drastic population reduction than us.