The impact of artificial intelligence on the Greek economy
This study examines the impact of Artificial Intelligence (AI) on the Greek economy, assessing its effects on economic growth, employment, productivity, and sectoral competitiveness. The research aims to provide a comprehensive evaluation of AI adoption, its potential benefits, challenges, and polic...
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| Format: | Article |
| Language: | English |
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Elsevier
2025-09-01
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| Series: | Journal of Open Innovation: Technology, Market and Complexity |
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| Online Access: | http://www.sciencedirect.com/science/article/pii/S2199853125001131 |
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| _version_ | 1839650458430341120 |
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| author | Constantinos Challoumis Nikolaos Eriotis |
| author_facet | Constantinos Challoumis Nikolaos Eriotis |
| author_sort | Constantinos Challoumis |
| collection | DOAJ |
| description | This study examines the impact of Artificial Intelligence (AI) on the Greek economy, assessing its effects on economic growth, employment, productivity, and sectoral competitiveness. The research aims to provide a comprehensive evaluation of AI adoption, its potential benefits, challenges, and policy implications in the Greek economic context. The study employs a multisector dynamic general equilibrium model calibrated using input-output data from 2015–2021. The model simulates AI-induced capital stock accumulation and Total Factor Productivity (TFP) growth, focusing on sectoral shifts and macroeconomic outcomes. The research integrates quantitative modeling with qualitative analysis, leveraging existing economic literature and policy frameworks to contextualize AI’s role in economic transformation. The study covers key sectors of the Greek economy, including manufacturing, services, public administration, and technology-intensive industries. It also addresses the interplay between AI adoption, labor market changes, and policy interventions, comparing Greece's AI readiness with broader European and global trends. Findings suggest that AI adoption can significantly enhance productivity and economic efficiency. The assumption is based on certain assumptions to comply with the initial hypothesis; meaning that if these assumptions are not followed the results will have a divergence. In any case, a baseline is made to be able to study and different conditions of the model. However, slow adoption, structural economic weaknesses, and labor displacement pose major challenges. Government initiatives and private sector investments are critical in accelerating AI integration while mitigating adverse socio-economic impacts. |
| format | Article |
| id | doaj-art-d458a7d10a984418ad30d0c20c92af5c |
| institution | Matheson Library |
| issn | 2199-8531 |
| language | English |
| publishDate | 2025-09-01 |
| publisher | Elsevier |
| record_format | Article |
| series | Journal of Open Innovation: Technology, Market and Complexity |
| spelling | doaj-art-d458a7d10a984418ad30d0c20c92af5c2025-06-27T05:50:06ZengElsevierJournal of Open Innovation: Technology, Market and Complexity2199-85312025-09-01113100578The impact of artificial intelligence on the Greek economyConstantinos Challoumis0Nikolaos Eriotis1Philips University, Nicosia, Cyprus and Visiting Professor National and Kapodistrian University of Athens, Greece; Corresponding author.National and Kapodistrian University of Athens, GreeceThis study examines the impact of Artificial Intelligence (AI) on the Greek economy, assessing its effects on economic growth, employment, productivity, and sectoral competitiveness. The research aims to provide a comprehensive evaluation of AI adoption, its potential benefits, challenges, and policy implications in the Greek economic context. The study employs a multisector dynamic general equilibrium model calibrated using input-output data from 2015–2021. The model simulates AI-induced capital stock accumulation and Total Factor Productivity (TFP) growth, focusing on sectoral shifts and macroeconomic outcomes. The research integrates quantitative modeling with qualitative analysis, leveraging existing economic literature and policy frameworks to contextualize AI’s role in economic transformation. The study covers key sectors of the Greek economy, including manufacturing, services, public administration, and technology-intensive industries. It also addresses the interplay between AI adoption, labor market changes, and policy interventions, comparing Greece's AI readiness with broader European and global trends. Findings suggest that AI adoption can significantly enhance productivity and economic efficiency. The assumption is based on certain assumptions to comply with the initial hypothesis; meaning that if these assumptions are not followed the results will have a divergence. In any case, a baseline is made to be able to study and different conditions of the model. However, slow adoption, structural economic weaknesses, and labor displacement pose major challenges. Government initiatives and private sector investments are critical in accelerating AI integration while mitigating adverse socio-economic impacts.http://www.sciencedirect.com/science/article/pii/S2199853125001131Artificial intelligenceGreek economyGrowthEmploymentProductivityCompetitiveness |
| spellingShingle | Constantinos Challoumis Nikolaos Eriotis The impact of artificial intelligence on the Greek economy Journal of Open Innovation: Technology, Market and Complexity Artificial intelligence Greek economy Growth Employment Productivity Competitiveness |
| title | The impact of artificial intelligence on the Greek economy |
| title_full | The impact of artificial intelligence on the Greek economy |
| title_fullStr | The impact of artificial intelligence on the Greek economy |
| title_full_unstemmed | The impact of artificial intelligence on the Greek economy |
| title_short | The impact of artificial intelligence on the Greek economy |
| title_sort | impact of artificial intelligence on the greek economy |
| topic | Artificial intelligence Greek economy Growth Employment Productivity Competitiveness |
| url | http://www.sciencedirect.com/science/article/pii/S2199853125001131 |
| work_keys_str_mv | AT constantinoschalloumis theimpactofartificialintelligenceonthegreekeconomy AT nikolaoseriotis theimpactofartificialintelligenceonthegreekeconomy AT constantinoschalloumis impactofartificialintelligenceonthegreekeconomy AT nikolaoseriotis impactofartificialintelligenceonthegreekeconomy |