The Greek economic miracle (Greek: Ελληνικό οικονομικό θαύμα) describes a period of rapid and sustained economic growth in Greece from 1950 to 1973. At its height, the Greek economy grew by an average of 7.7 percent, second in the world only to Japan.
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👉 Greek economic miracle in the context of Post–World War II economic expansion
The post–World War II economic expansion, also known as the postwar economic boom or the Golden Age of Capitalism was a broad period of worldwide economic expansion beginning with the aftermath of World War II and ending with the 1973–1975 recession. The United States, the Soviet Union, Australia and Western European and East Asian countries in particular experienced unusually high and sustained growth, together with full employment.
Contrary to early predictions, this high growth also included many countries that had been devastated by the war, such as Japan (Japanese economic miracle), West Germany and Austria (Wirtschaftswunder), South Korea (Miracle on the Han River), Belgium (Belgian economic miracle), France (Trente Glorieuses), Italy (Italian economic miracle) and Greece (Greek economic miracle). Even countries that were relatively unaffected by the war such as Sweden (Record years) experienced considerable economic growth.
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Greek economic miracle in the context of Konstantinos Karamanlis
Konstantinos G. Karamanlis (Greek: Κωνσταντίνος Γ. Καραμανλής, pronounced [konstaˈdinos karamanˈlis]; 8 March 1907 – 23 April 1998) was a Greek statesman who was the four-time Prime Minister of Greece and two-term president of the Third Hellenic Republic, serving in the former role from 1955 to 1963 and from 1974 to 1980. A towering figure of Greek politics, his political career spanned portions of seven decades, covering much of the latter half of the 20th century.
Born near Serres in Macedonia, Karamanlis practiced law until his election to the Hellenic Parliament in 1936 as a member of the conservative People's Party. Rising through the ranks of Greek politics after World War II, Karamanlis became Minister of Labour in 1947, and in 1951 he was named Minister for Public Works in Alexandros Papagos's Greek Rally administration. He was appointed prime minister by King Paul of Greece after Papagos's death in 1955. During his first term, he applied a program of rapid industrialization, heavy investment on infrastructure and improvement on agricultural production, which led to the post-war Greek economic miracle. He also implemented the extension of full voting rights to women, which had stood dormant since 1952. In foreign affairs, he pursued an aggressive policy toward Greek membership in the European Economic Community (EEC), and abandoned the government's previous strategic goal for enosis (the unification of Greece and Cyprus) in favour of Cypriot independence. Re-elected three times, electoral victories in 1956 and 1961 were marred by controversy and political division.