Business report - Essay Example

Business Report Financial and social issues of Greece In terms of nominal gross domestic product, Greece is the 32nd largest in the world with $312. When Purchasing power parity is used as a measure, then it is the 37th largest with $309. In addition, Greece in the European Union with a membership of 27 countries has the 15th largest economy. Greece is a developed country with most of its economy revolving around the service sector and industry. Agriculture takes a very small portion of the economy, which only is composed of 3% of the economy.

The tourism industry is well developed with Greece being the 7th within the EU and 16th across the world. It is the largest economy in the Balkans and vital for investment in the region. Since democracy was realized in Greece in 1974, the country experienced a severe financial crisis late 2009, early 2010. This was due to the impacts of both foreign and local factors, which resulted into a financial crisis and misguided government spending (Ritzer 2011). Social issues of the Greece revolve around the land and people, agriculture and the government.

The country is massively covered with mountains with only about 25% of the land being arable. The country has a few rivers; none of them can be navigated. The people are not pure Greek since they have mingled a lot with other cultures. Despite this, Greek remains the official language in the country. Greece was originally an agriculturally based country, with industry and service sector surpassing the sector recently. Its main exports are the manufactured goods composed mainly of clothing, food and textile.

Greece is lead by the presidential parliamentary system with both the president and a prime minister. The president is elected; and serves a five-year term, which is subject to reelection. Corruption level In terms of Corruption Perception Index (CPI), Greece is the second worst within the EU, its ranking in the world is at the 80th position. The country performs dismally concerning Index of Economic Freedom at position 119 in the world. The corruption levels together with the poor tax collection standards are the major attributes that are regarded to be the cause of the financial crunch witnessed in the year 2010.

This has disabled the country in the ways to overcome its debt crisis. Excessive lending leading to the ratio of loans to savings going above 100% forced Greece into recession after 14 years of successful economic growth (Ritzer 2011). Political system Greece embraces a presidential parliamentary system where an elected president presides a parliament comprising of 300 elected members. The country is also governed by the 1975 constitution, which provides for the prime minister position that is the head of the cabinet.

The country has 13 divisions and 52 subdivisions and it is through these that the local governments are run. The political elite is the one responsible for the formulation of the laws and policies that economic and the social systems of the country. The government is supportive of Foreign Direct Investment since they consider this the avenue for the revamp of the economy (Ritzer 2011). Religion and culture The country people through interaction cross culturally cannot be said to exhibit pure Greece though the official language remains Greek.

As a result, discrimination is greatly minimized and there are no minor groupings. The population work as a unit to achieve national objectives. Cooperation is the norm given that the country enjoys the socialist’s ideology (Ritzer 2011). References Ritzer, G. (2011). Globalization: the essentials. Oxford: Wiley-Blackwell.