The Current Status of Business News in Greece: Analysis and Insights
Greece has experienced some significant changes in the business world recently, including both challenges and opportunities. Keeping up with the latest news and insights in Greek business can be useful for entrepreneurs and investors alike. In this article, we will analyze the current status of business news in Greece and provide valuable insights for interested readers.
Greek economy amid the pandemic
The pandemic has certainly affected the Greek economy in many ways. According to recent data, Greece’s economy is expected to shrink by 8.2% in 2020, and unemployment rate is likely to rise. However, there are also positive signs that show the resilience of the economy. For example, Greece recently emerged as the most popular destination for global investors looking to invest in real estate. Additionally, the recent deregulation of the energy market has caused the prices to drop significantly, giving cheaper energy to households and businesses.
The political landscape
In the past few years, Greece’s political landscape has been unpredictable with five elections since 2014. The recent election of New Democracy Party in July 2019 brought in a different government with a business-friendly focus. Although the new government has faced criticism for its initiative to sell off public assets such as ports and airports, their focus on reducing tax burden, streamlining bureaucratic procedures, and attracting foreign investors have been positive moves for the country’s business environment.
Greek tourism
Greek tourism industry has been an important source of income for the country, contributing more than 20% of Greece’s GDP. While the pandemic has devastated the industry in 2020, there are still positive signs for the future. For example, Greeks have tended to choose ‘staycations’ supporting local resorts. With the borders now open, tourism is expected to pick up, but tourists must undergo a mandatory test 72 hours before arrival or quarantine for two weeks. Greece’s success here has been recognized with the World Travel and Tourism Council (WTTC) Safe Travels Stamp, the world’s first ever global safety and hygiene certification for the travel and tourism industry.
Greece-China relations
In recent years, Greece has strengthened its relationship with China, which has led to several significant investment deals between the two countries. These deals have been aimed at supporting the country’s rail, port, and energy infrastructure, as well as increasing tourism. There is an enormous Chinese investment project planned in Athens, transforming the old airport into a metropolitan park. The close relationship has, however, attracted the attention of the U.S. and EU as there are concerns over China’s increasing influence.
Conclusion
Overall, the current status of business news in Greece has a lot to offer readers interested in entrepreneurship and investment. Despite challenges in the economy due to the pandemic, Greece has some opportunities in areas such as real estate, energy, and tourism. The new government’s initiatives to attract foreign investment, and the strengthening relationship with China are positive moves.
Keeping up to date with business news in Greece is essential for business leaders and investors who seek opportunities in Greek industries. By taking into account the latest insights and developments, individuals can wisely plan their investments and take advantage of the diverse opportunities that Greece has to offer.
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