Global Forecasting Solutions

Interpreting the future

The impact of culture on the economic development of countries

Posted by GFS, on May 24, 2016

A while ago, I was invited by a friend to attend a lecture about Aristotle by the celebrated modern thinker Stelios Ramfos. After the end of the speech, we met with Mr. Ramfos and started an intriguing discussion about the pitfalls of modern Greece and the underlying reasons behind the on-going economic crisis. As it usually goes into a conversation like this, all the “usual suspects” were there: the inefficient political system and organisation of the state, the relationship with the EU, and so on.


However, Mr. Ramfos had a different idea. He mentioned that the single most important reason behind the current situation was modern Greeks’ unwillingness to explore the unknown and change as they once did when they started their naval tradition and sea adventures in ancient times. Knowing that I am in the forecasting business, he asked me if there was a way to test his hypothesis and relate cultural traits such as this with economic growth on a country level.


Needless to say that I was awestruck by his bold claim, so, I took the challenge immediately. As it usually happens in real life, intuitive people have a gut feeling for the truth, and this was no exception, as you can find in the following report!

Find more about the relationship between countries’ cultural traits and economic growth:


Download the report in English

Download the report in Greek