The country’s effective management of the COVID-19 crisis seems to have improved its image, while investment plans have not been drastically altered
The investment community credits Greece for the level of success in addressing the public healthcare crisis (77%), the speed of digitalization of the Greek State in response to the crisis (73%), and the weight and impact of the Greek stimulus package (72%). 41% state that this has positively impacted their view of Greece as an investment destination.
In conclusion, the pandemic seems to have had an impact on foreign investors’ plans about Greece, yet not to a dramatic extent, as 50% will not be altering their investment plans, 28% state that they have paused their plans temporarily, 4% report a decrease in planned investment, 3% an increase, and 6% say they have cancelled their plans altogether.
EY’s recommendations: Towards a new growth model
Based on the survey’s findings, but also on our daily interaction with foreign investors, our recommendations put forward the creation of a new growth model, that will be based on reinvigorating industrial production, boosting the country’s extroversion, incorporating digital technology and innovation, pursuing a more active role in the developing supply chains of tomorrow, transitioning to a circular economy and focusing on sustainability, as well as enhancing and effectively utilizing the country’s most valuable asset; its human capital. This new growth model will give Greece the opportunity to capitalize on the opportunities arising today, in order to find its rightful place on the global investment map.
To make that happen, however, we should keep on moving further down the path of bold reforms in critical sectors of the economy. Simply put, we need imagination in our strategic planning and determination in implementing it.
Click here to read the EY Attractiveness Survey Greece 2020 key points and highlights.
Click here to read the complete survey, in Greek.