Question

What are the similarities and differences of Greece's and Russia economic history?

Answer 1

Similarities between Greece and Russia

There exists a bilateral relationship between Greece's and Russia. Burgas-Alexandroupoli pipeline was signed by a memorandum by Greece and Russia.Economic Cooperation of Russia and Greece during the Sanction Restrictions period and the policies to Strengthen the Integration Process shows the similarities between both the countries.Political memorandum was signed between both governments.

Difference between Greece's and Russia's Economic History.

On the basis of kind of economy

Greece -Greece is a capitalist economy.

Russia-It is a mixed economy.

On the basis of GDP

Greece

In Greece the public sector accounts for about 40% of GDP and per capita GDP accounts for about two-thirds that of the leading euro-zone economies. Tourism provides 15% of GDP. Immigrants make up nearly one-fifth of the work force, mainly in agricultural and unskilled jobs.

The economy contracted by 2.3% in 2009, 3.5% in 2010, 6.9% in 2011, and 6.0% in 2012. Greece violated the EU's Growth and Stability Pact budget deficit criterion of no more than 3% of GDP from 2001 to 2006, but finally met that criterion in 2007-08, before exceeding it again in 2009, with the deficit reaching 15% of GDP.

Russia

While Russia moving from a globally-isolated, centrally-planned economy to a globally-integrated economy.Russia has undergone significant changes since the collapse of the Soviet Union.

The economy contracted by 2.3% in 2009, 3.5% in 2010, 6.9% in 2011, and 6.0% in 2012. Greece violated the EU's Growth and Stability Pact budget deficit criterion of no more than 3% of GDP from 2001 to 2006, but finally met that criterion in 2007-08, before exceeding it again in 2009, with the deficit reaching 15% of GDP.

On the basis of poverty line

Greece-Ranked 10th. 57% which is more than Russia

Russia-Ranked 27th.

On the basis of Consumer Prices

Greece-Ranked 174th.

Russia-Ranked 75th which is 3 times more than Greece