The Greek Economy: Pointers

(GREEK NEWS AGENDA)     According to the 2007/2008 UN Human Development report, Greece ranks 24th out of 177 countries (Greece – Data; Greece – Fact sheet).  Greece belongs to the OECD family of developed nations, enjoys economic stability consolidated by membership of the European Union/Eurozone and its growth rate is above EU average.  Greece has a brand new modern infrastructure network and services, well-developed human resources (highly productive, well-trained and educated workforce, and one of the lowest labour costs in the EU) and is an important centre of business, research and cultural activity. Greece   can serve as a bridge for communication with the less favoured regions of the world. She is in a position to play a leading role in southeast Europe and the eastern Mediterranean, showing the way to their economic and social reconstruction.

Greece  offers accessibility to the sizeable emerging markets of the Balkan, Black Sea, eastern European and eastern Mediterranean regions through an existing network of over 3,000 export and investor Greek companies. Greece is among the first investment partners in Bulgaria, Romania, Serbia, Albania, and the Former Yugoslav Republic of Macedonia, while it also strengthens its leading role in the financial services sector of the region. Greek banks have been among the top performers in the European banking sector. The operations of Greek banks in the wider region, extending from South East Europe to Poland are expanding at double-digit rates of growth every year.

In the maritime industry, Greece is undoubtedly the global leading power. Greece holds the first place in terms of ship ownership.

The structural economic reforms implemented by the government, including the Development Law, the Tax Law, the Public Private Partnership Law, and the Investment Incentives Law, all aim at supporting Greece’s competitiveness and upgraded regional role.

FACTS & POLICIES

About Brand Greece, a new Secretariat General of Information publication, includes articles on various sectors of the Economy as well as on the government’s reform and modernizing policies.

Greece ‘s Economic Diplomacy, and Foreign Trade policies are presented at the Ministry of Foreign Affairs website. 

The Ministry of Economy and Finance website regularly provides official Economic Data, Reports & Fact Sheets and makes available the The Minister’s Speeches

Secretariat General of Information: Greece, Links Library – Economy & Business

RECENT REPORTS

According to a recent National Bank of Greece (www.ethniki.gr) analysis (Greece: Economic & Market Analysis) interlinkages between SE Europe and Greece provide significant positive growth synergies. The increasing integration of the Greek economy with SE Europe is estimated to have added about 0.6% to annual Greek economic growth during the past decade. In the future, the continued restructuring of the Greek economy’s production and exporting structure with the help of the SE European inputs, further assimilation of immigrants in the economy, and the strong foothold of Greek firms in this rapidly growing region are expected to continue supporting economic growth in Greece.

A report released from Oxford Economics Ltd. (UK) on the Greek economy (March 28) stresses that the economy is set to grow strongly again although slowing,“due to the end of Greece’s construction spree.” GDP grew 4.0% in 2007, one of the fastest rates in the Eurozone. Consumption is clearly moderating but it should recover, underpinned by a robust labour market.

Secretariat General of Information: World Media on Greece – Special Reports

SURVEYS

Greece has managed to hook up with its fast growing neighbours as a means of making the economy more attractive to foreign investors.

Invest in Greece Agency (www.investingreece.gov.gr) Greece’s official Investment Promotion Agency presents investment opportunities as well as business, trade, and economic developments in Greece.

The “Agora Ideon” [Ideas Forum] monthly publication “Greek Economy & Markets” focuses on various aspects of the Greek Economy such as Tourism, Privatizations, Entrepreneurship, Reforms, and Foreign Investements.  Its latest issue entitled “Trends and Prospects for the Economy 2008“ includes articles on “Fiscal developments, reforms and privatisations,” “Quality twist for tourism,” Greece’s role in international shipping, and Public Private Partnerships in Greece.

The Bridge magazine, “A quarterly review on European integration,” (www.bridge-mag.com) reports on business, political and cultural ventures of Greek origin in South East Europe and the East Mediterranean.

“Business Partners,” the American-Hellenic Chamber of Commerce magazine, often presents dynamic personalities of the Greek trade, banking, and investments sectors, while Business File – Greek Special Survey Series (by Robert McDonald) comments extensively on the government economic policies.

The Foundation for Economic and Industrial Research produces the “The Greek Economy” tri-annual bulletin containing evaluations concerning the course of the Greek economy.

Alpha Bank’s Economic Research Division publishes monthly a “Greece & Southeastern Europe- Economic & Financial Outlook” that includes valuable economic data and growth prospects evaluations for the area.

EFG Eurobank Ergasias Economic Research Reports include special-focus reports like the “Greece Macro Monitor: A Quarterly Economic Review of the Greek Economy”, “Greek Economics BiWeekly,” and Εmerging Markets Monthly.

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