Tourism generates 18 percent of Greece’s GDP and employs over 900,000 people, or one fifth of the country’s employment. The number of international tourists who visited the country increased by 10% from 15,000,000 in 2010 to over 16,000,000 in 2011. International tourist numbers are predicted to reach 17,000,000 (almost twice the country’s population) this year. […]
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A recession is a natural element of the business cycle that occurs when the economy declines for two consecutive quarters. A depression, on the other hand, is a prolonged decline in economic activity that lasts years rather than months. This makes recessions far more common: in the United States, there have been 33 recessions and
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The coronavirus has already wreaked havoc on businesses and economies around the world, and experts predict that the devastation will only get worse. What do economists have to say about 2021? “The July NABE Business Circumstances Survey shows that conditions remained solid in the second quarter of 2021,” stated NABE President Manuel Balmaseda, Cemex’s senior
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Inflation jumped to 5.4 percent year over year in June, the fastest rate in over 13 years, according to the data. Many people are concerned that large spending packages, such as the multi-trillion-dollar package proposed by the Biden administration and Congressional Democrats, could result in even higher inflation. The proposed bipartisan infrastructure plan was analyzed
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On a recent episode of Bloomberg’s Odd Lots podcast, Travis Lundy, a Hong Kong-based independent analyst, argued that this signaled a crucial “turn” by Chinese officials. “That means they were telling you straight out that the things we used to do to obtain a high growth rate aren’t going to happen anymore.” That is a
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An FDIC-insured bank account is one way to keep your money safe. You’re probably already protected if you have checking and savings accounts with a traditional or online bank. If an FDIC-insured bank or savings organization fails, you are protected by the Government Deposit Insurance Corp. (FDIC), an independent federal agency. In most cases, depositor
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Question from the audience: Identify and explain economic variables that may be positively affected by the economic slowdown. A recession is a time in which the economy grows at a negative rate. It’s a time of rising unemployment, lower salaries, and increased government debt. It usually results in financial costs. Companies that provide low-cost entertainment.
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Reduced production costs are the best way to combat cost-push inflation. A supply-side policy is a good idea, but it will take a long time to take effect. Wage subsidies are something that the government can do. The government assists firms in this scenario by covering a percentage of labor costs. What can be done
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Cuba’s GDP in 2020 was $107,352 million, putting it at number 61 in our ranking of 196 nations by GDP. Cuba’s GDP increased by $3,924 million in absolute terms in 2019. Cuba’s GDP per capita in 2020 will be $9,478, up $352 from $9,126 in 2019. In 2021, what would Cuba’s GDP be? According to
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1. Deflation (price declines negative inflation) is extremely dangerous. People are hesitant to spend money while prices are falling because they believe items will be cheaper in the future; as a result, they continue to postpone purchases. Furthermore, deflation raises the real worth of debt and lowers the disposable income of people who are trying
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