The other day I was talking to a friend who was describing the piece of land that his relatives own in Crete. I assumed that many people would be drawn to the area, so I asked how expensive it was to live there. Interestingly, he responded by saying that it's not actually an ideal place for people to live due to Greece's economic instability. I had never really thought about that so I decided to research the effects that a failing/unstable economy has on a country.
A failing economy has numerous negative effects on the overall welfare of nations. It creates an environment in which economic assets lose value and investments are hindered. This leads to unemployment, economic recession, and even societal collapse.
An unstable economy can result in the following:
1. Poverty
2. Irregular and uncertain employment
3. Erratic work schedules
4. Fluctuating public benefits
5. Shifting household composition
6. Frequent house moving
7. Undermine the health and well-being of its citizens
8. Inflation
Economic instability has the highest consequences for low-income families. It not only causes hardships but also disrupts family routines and affects parenting.
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