Market to keep suffering for two more years


Businesspeople in the Endeavor Greece network do not expect the local economy to recover for another couple of years, according to a survey by the group.

The survey’s respondents said they expected the unemployment rate to decline significantly after five years but that the brain drain would continue. They said that they viewed the latter as the third major problem their companies face, after the instability of the tax system and bureaucracy. The survey stressed the two main assets of Greece are the country’s highly skilled human resources and its location.

Nevertheless, Endeavor Greece managing director Haris Makryniotis noted that “now is the time for investments in Greece,” explaining that “the divestment by major foreign and domestic enterprises is leaving some space for small and medium-sized enterprises.”

He went on to forecast an increase in mergers and acquisitions next year, given also the problematic state the local credit system is expected to remain in.