ECONOMY

Annual need for €25 bln in investments

annual-need-for-e25-bln-in-investments

The Greek economy will require investments of 25 billion euros in 2021 and for every year after that until 2024, in order to shake off the impact of the pandemic and revert to 2019 standards in terms of growth, output, employment and salary levels, according to research led by Savvas Robolis, emeritus professor at Panteion University in Athens.

The study shows that the €32 billion (equal to 18% of the Greek gross domestic product) Greece has successfully claimed from European emergency resources for the 2021-2027 period, should be invested in the restructuring of the production and technological model of the country.

For this year, the study foresees the anticipated recession coming to 10%-12% and unemployment reaching 21.3%-22.1%.

Assuming the annual investment flow ranges at around €25 billion or 13% of GDP, and tourism takings climb in 2021 up to 70% of those of last year, the researchers expect the growth rate to revert to last year’s level toward the end of 2023, even with increased unemployment, at 17.3%, and with the expansion of the flexible forms of labor.