Is Greece A First World Country?

Posted on Author Abisola Salahu

Greece has its problems like any other country. Unfortunately, it has poverty at a rate that equates to some countries in Africa, and there are also issues of corruption that remain unresolved. This raises questions as to whether Greece can actually be called a first world country.

Greece was at the first wave of the financial crises of 2009; it started what is now known as the Greek Debt Crises. It all began when the government borrowed heavily to embark on projects, but was unable to pay back its commitments. The global economy slowed, and government income streams dried up. This also affected businesses, many of which closed their doors, and many workers became jobless.

When workers lose their jobs, they often become restless, and so thousands of people took to the streets on multiple occasions, demanding drastic changes to the government.

Is Greece A First World Country?

Definitely yes! If anything, the countries recent woes have proved this beyond any doubt. One qualifying factor of a First World country is the right of the people to participate in governance, and to protest when things go wrong. Not just to protest, but to demand and to bring change into effect.

The people of Greece did this very well circa 2009; the results of the protests include the collapse of the two party system that had dominated Greek politics for decades.

Aside from that; the Greek Debt Crises proved just how important Greece is to the world economy. When Greece defaulted on its commitments; it sent shock-waves throughout the world, and soon the world saw serious financial trouble on a global scale. Greece dominated the headlines of the news for years at a stretch, and many countries started taking precautions to avoid similar occurrences.

Only first world nations can be so important as to send ripples through the economic and financial fabric of the world. Even if the financial meltdown that followed was not a direct result of the happenings in Greece, the mere fact that it was first observed in Greece proves how important the economy of this country is. Let us now learn more about this country.

Interesting Facts About Greece

Greece is one of the world’s oldest countries; it traces its history back to ancient times, in a civilization that predates the Roman Civilization. Greece was the first advanced civilization in the Western World, and it is the birthplace of Western Civilization.

It is believed that Greek Culture was then exported to such places as Rome, Egypt and the surrounding areas. Democracy also originated in Ancient Greece, although it was practiced in a slightly different manner than it is done today.

Greece has a population of about 10.4 million people, and the land area covers 131,957 km2. Greece is a country with so much handed down to it by nature, and by its ancestors. The Olympic Games come from Greece, there are so many monuments including temples, amphitheaters, light houses, and other relics of the past.

These, in combination with the beautiful sandy beaches, the warm weather, and the natural beauty of the landscape make Greece one of the most interesting places to visit. In fact, tourism plays such an important role in the economy of Greece; people come in from all over the world to visit its famous historical sites.

The hotels, as well as the transport system and the related services are all very well developed in the country. In terms of infrastructure, Greece behaves every bit like a first world country.

More Evidence That Greece Is A First World Country

Countries that are assigned first world status are expected to have high standards of living. This is quite true with Greece; the country enjoys a good standard of living.

Every comfort that can be associated with wealthy countries exists in Greece, including a good quality healthcare system, as well as transportation, and the presence of technology to make life easier. The entertainment sector in Greece is also quite vibrant, and the people have plenty to enjoy.

Healthcare

The healthcare system in Greece is very good; there are excellent hospitals and well trained staff all over the country. However, it must be noted that Greece is not a welfare state, and so citizens pay quite a lot of money for these excellent medical services.

GDP Per Capita

First world countries are also called “Wealthy Countries,” and this does not refer to the sovereign wealth controlled by the government, but rather the GDP per capita; an estimated calculation of the earnings of each citizen over a given period of time, usually a year.

Traditionally, Greece has been such a country, although the events of 2008-09, which resulted in the near collapse of the Greek economy have brought a lot of negative changes. With so many jobs lost, the citizens of Greece have largely lost their wealth, and many now struggle to maintain the quality of life they are used to.

To further worsen the situation; in a desperate bid to source fresh revenue, the government raised taxes.

Nevertheless, the Greek people have shown their resilience, and they have largely rebounded from their recent woes. Tax evasion has been identified as a problem, but one that is quite avoidable.

Industrialization

Greece has a highly developed economy; some of the main drivers of the economy include the services sector, refined petroleum, medical products, chemicals, and of course tourism. Greece has an educated workforce, and a diversified economy. Recently, the country has started to attract fin tech startups, private equity funds, and off shore banking.

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Closing

Yes, Greece is a first world country, although its recent economic woes place it at the lower rungs of that classification. Nevertheless, with such a resilient, diversified, and self sustaining economy, it is evident that Greece has all it takes to be a top country with a top economy, and with citizens enjoying a high quality of life. Even now, Greece is considered a good location for immigration for work and for investment.