Crisis: Greece; business investment stuck in a rut, EU says

Investors still prefer shops to innovation and export

20 January, 11:53

    (ANSAmed) – ATHENS, JANAURY 20 - Despite the numerous structural reforms the country has passed over the last few years as well as the six-year recession, Greek entrepreneurs still prefer to invest in cafes, souvlaki shops and hairdressers rather than setting up businesses in the fields of innovation and exports, daily Kathimerini reports quoting the results of a pan-European survey by the European Commission. While countries such as Portugal, Ireland and Spain have seen investment turn toward more productive sectors of their economies, Greece, which has implemented a 63-billion-euro fiscal adjustment, remains focused on so-called non-productive sectors, with another recent survey showing that about 90% of new Greek enterprises are in non-productive sectors. The EC report revealed another impressive finding: The few productive corporations – amounting to less than 20% of the total – employ over 60% of the country’s private employees. The irony is that those who have stuck to the usual pattern of the Greek economy (with the exception of tourism) have been rewarded, while a number of those who invested in becoming more export-oriented have suffered.

    (ANSAmed).

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