[InTime News]
Fifteen years after the outbreak of the fiscal crisis, Greece is still struggling with the shadows of the past, as despite the significant recovery of the last decade and the celebratory tones about a return to growth, real household income remains stuck at 15% below pre-crisis levels.
A new study by the Center for Liberal Studies (KEFiM) reveals that, while most European countries that, to varying degrees, experienced economic, fiscal and financial crises in the past decade have now more than covered the losses in income caused by austerity, Greece – along with Italy – continues to struggle to return to 2009 levels.
The new policy brief points out that since 2015, Greece has been recording dynamic increases in household disposable income, even higher than the European average.Â
From 2015 to 2024, the increase in Greece reached 21%, while in the EU-27 it was 12%. This means that, during this decade, there has been a relative convergence with the European pace, however, this significant increase is also due to the huge contraction of disposable income (25%) during the 2010-2013 period. Therefore, the income of Greeks in 2024 remains 4% lower than in 2010.
In the same period, the EU-27 recorded an increase of 16%.