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Greece's Convergence to EU Standards: Is It Feasible for Greece to Attain an Unemployment Rate Below 10%?

Author

Listed:
  • George, Agiomirgianakis

    (Hellenic Mediterranean University, Heraklion, Greece; Hellenic Open University, Patras, Greece)

  • Panagiotis, Liargovas

    (Centre of Planning and Economic Research, Athens, Greece; University of Peloponnese, Tripoli, Greece)

  • Georgios, Bertsatos

    (Centre of Planning and Economic Research, Athens, Greece; Gulf One Lab for Computational & Economic Research, U.K.)

  • George, Sfakianakis

    (Hellenic Open University, Patras, Greece; National and Kapodistrian University of Athens, Athens, Greece)

Abstract

Given the theory of efficient unemployment and using Eurostat data, it turns out that the average annual unemployment in Greece over the last -at least- 15 years has been consistently below 10% when job vacancies are considered. Given that based on cumulative data for the period 2010-2022 job vacancies are estimated to be between 98 thousand and 123 thousand, we argue that an appropriate indicator for the degree of slackness/tightness of the Greek labor market should combine both unemployed persons and job vacancies. That is, the u* indicator of the full-employment rate of unemployment (FERU). Our analysis shows that if the positive trends of the declining unemployment rate and increasing job vacancy rate continue, a full-employment state could be reached even in the next 3.5 years converging to EU standards.

Suggested Citation

  • George, Agiomirgianakis & Panagiotis, Liargovas & Georgios, Bertsatos & George, Sfakianakis, 2025. "Greece's Convergence to EU Standards: Is It Feasible for Greece to Attain an Unemployment Rate Below 10%?," Journal of Economic Integration, Center for Economic Integration, Sejong University, vol. 40(2), pages 237-253.
    • Handle: RePEc:ris:integr:0942
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    More about this item

    Keywords

    Labor Market; Unemployment; Vacancies; Greece;
    All these keywords.

    JEL classification:

    • E24 - Macroeconomics and Monetary Economics - - Consumption, Saving, Production, Employment, and Investment - - - Employment; Unemployment; Wages; Intergenerational Income Distribution; Aggregate Human Capital; Aggregate Labor Productivity
    • E61 - Macroeconomics and Monetary Economics - - Macroeconomic Policy, Macroeconomic Aspects of Public Finance, and General Outlook - - - Policy Objectives; Policy Designs and Consistency; Policy Coordination
    • J63 - Labor and Demographic Economics - - Mobility, Unemployment, Vacancies, and Immigrant Workers - - - Turnover; Vacancies; Layoffs
    • J64 - Labor and Demographic Economics - - Mobility, Unemployment, Vacancies, and Immigrant Workers - - - Unemployment: Models, Duration, Incidence, and Job Search
    • O52 - Economic Development, Innovation, Technological Change, and Growth - - Economywide Country Studies - - - Europe

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