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GreeceBusinessGreece needs a 'good economic climate and foreign investments', CEOs Association says

Greece needs a ‘good economic climate and foreign investments’, CEOs Association says

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Greece’s economy needs a good economic climate and it particularly needs foreign investments to help make up for lost time, the Association of Chief Executive Officers (ACEO) said in a statement on Tuesday regarding the 2022 budget.

The growth of the private economy, in particular, will help create the well-paying jobs that will keep young people in the country, it added.

“The budget that was recently passed by Parliament gives an image of a year in which fiscal balances must definitely be restored swiftly and reliably so that investment grade is achieved as soon as possible,” ACEO noted.

It highlighted the high growth rates for 2021, saying this more or less compensated for losses during the pandemic with tourism, manufacturing, exports and the real estate market as key drivers. It also noted that many businesses had shown remarkable resilience and the goal going forward will be for them to continue a dynamic course as support measures are withdrawn, assisted with capital from the recovery fund.

According to ACEO, a number of reforms in recent years have unlocked the positive forces of the private sector, while the country appeared better prepared institutionally and organisationally to take advantage of investment capital more effectively.

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On the downside, it noted the continued threat from a resurgence of the pandemic and the risk of constantly increasing inflation, adding: “As the inflation is imported, Greek businesses do not have the capacity to actively deal with the phenomenon. For this reason, the government must speed up the completion of the required conditions in order to soon active payments of capital from the Recovery and Resilience Fund.”

SOURCE: AMNA

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