Coverage about Greece in the international media has been vast in recent years. The fiscal crisis and the austerity program implemented under the aegis of the so-called troika of the EC, ECB and IMF, which managed Greece’s €240bn bailout, has been the subject of intellectual debate worldwide. Nothing will make us forget the suffering of the Greek people and the sacrifices it had – and still has – to undertake to redress its economy and resume sustainable growth.
But light seems to be seen at the end of the tunnel. Most observers and international institutions forecast that the Greek economy will grow this year, albeit at a modest 0.6 percent. A primary surplus has been achieved and it seems to be here to stay for the foreseeable future, opening the way for a more flexible fiscal policy and some expansionary measures.
In line with the saying about a crisis being an opportunity, the Greek economy is on its way to a new economic model, based on local and foreign investment, exports, and an overall putting the global competitiveness of Greek products and services at the center of economic policy. In this context, new trade and opportunities for businesses all around the world are appearing, hence making the need of a more “microeconomic” view of the Greek economy unavoidable.
Banks are tapping into private funds to capitalize and prepare for the stress tests coming up in the autumn. Non-performing loans are still a burden and a problem to be solved, but profitability is back and with it a new optimism about how to deal with challenges. New and traditional sector, like agribusiness and pharmaceuticals, are innovating and creating market niches worldwide. Tourism is booming, becoming a fundamental part of the new economic recovery. Privatization of infrastructure, such as ports and airports, is finally in the pipeline, with some success stories already happening. New oil explorations are attracting the interest of foreign and local firms alike. Haddock and Associates’ team of researchers, journalists and marketing people are ready to embark on this exciting venture, discovering and unveiling opportunities which, as usual, are not that obvious even for the experts on international affairs. Our upcoming report “Greece, resuming growth” will offer the highly qualified readers of Time Magazine the opportunity to have a fresh look at the economic challenges the Greek economy is facing and the businesses that can appear as a consequence.