Critical Evaluation of the impacts of Global Financial Crisis and the ongoing Quantitative Easing Monetary Policy in Greece

Running head: ECONOMICS ASSIGNMENT
Critical Evaluation of the impacts of Global Financial Crisis and the ongoing Quantitative Easing
Monetary Policy in Greece
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1ECONOMICS ASSIGNMENT
Impact of global financial crisis on Greece
The financial crisis started in the USA in 2007 and it casted its impact on the global
economy very rapidly. The international economy was badly affected due to the financial crisis
and some of the economy experienced destructive impacts. Greece is one of these countries,
where the downfall of the economy was not the direct result from the financial crisis of USA;
rather it was triggered by the crisis. Greece has been suffering from deterioration of the economy
from a long time, which became apparent after the global financial crisis (Kindreich 2017).
Main import and export items of Greece
Greece holds the rank of 47 among the largest export economies of the world, with an
export of $28.3 billion in 2016. It is ranked 41 for most complex economy, as per the Economic
Complexity Index (ECI) (Unstats.un.org 2017)
The major imports of Greece consist of Oil and Minerals, Industrial Machinery,
Pharmaceuticals, Electrical Machinery, Ships and Boats, Motor Vehicles and Parts, Plastics,
Meat, Iron and Steel and Paper. The top import partners of Greece are Germany ($5.2B), Italy
($3.95B), China ($3.2B), Russia ($3.12B) and Iraq ($2.6B) in 2016 (OEC 2017).

2ECONOMICS ASSIGNMENT
Table 1: Top imports of Greece
(Source: OEC 2017)
The major exports of Greece are Oil and Minerals, Aluminum, Industrial Machinery,
Pharmaceuticals, Plastics, Electrical Machinery, Preserved Fruits and Vegetables, Fruits and
Nuts, Fats and Oils and Seafood. The major export partners of Greece are are Italy
($3.12B), Germany ($2.13B), Cyprus ($1.68B), Turkey ($1.5B) and Bulgaria ($1.38B) (OEC
2017).
Import USD$