Since the beginning of 2020, our country and the entire planet have been facing abnormal conditions as a result of the pandemic. Following an unprecedented fiscal and monetary intervention worldwide, the negative effects have been mitigated, while developments in the health field with the development of vaccines have given the impetus for an exit from the crisis.


What is the view of Greek businesses on where we stand today and their expectations for the next 12 months?

 

Our research illustrates how optimism has returned to Greek businesses while at the same time, a belief has been formed, that the negative effects of the pandemic in the economy have now been overcome. However, optimism seems to be based more on positive expectations than on structured outward-looking strategies. The difficult experience of both the recent economic and the current healthcare crisis create reluctance in investing in equipment, human resources but also in digital transition and innovation.

Under difficult circumstances, Greek businesses have proven that they have the ability to adapt and to identify opportunities. What is still remaining is the adoption of sustainable strategies, that will give businesses even greater power to distinguish themselves in the new economic environment that is now forming.

Based on Grant Thornton's global survey, Business Pulse, which captures the expectations of businesses in Greece and abroad, we investigated the individual characteristics of these expectations in Greek businesses.

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imagex88tb.png"As we are moving steadily closer to the following day, it is now becoming clearer that the Greek companies are looking to the future with greater optimism, as reflected in both - the study’s expectations indices and the companies' estimates of the time frame, within which their operations will return to pre-pandemic levels. To get back on track in the forthcoming months, the companies will need to adopt a robust and flexible operating model, which will effectively respond to any changes the future will potentially bring. It is, after all, through resilience and adaptability, that the companies managed to respond to the special conditions generated within the previous months and support the course of the Greek economy. Such features are expected to be the decisive factor that will enable the Greek entrepreneurship to move forward into the future - safely and optimistically."

Manolis Michalios, Partner, Head of Assurance

Grant Thornton Business Optimism Index

After a long period, in which the index of expectations for Greek businesses was at much lower levels than the corresponding European and global, index, already at the end of 2018, had begun to improve, with the levels of optimism finally matching at the end of 2019 with them of Europeans.

The emergence of the pandemic violently reversed this climate, but the experience of Greek businesses in dealing with the previous crisis led entrepreneurs to face the new crisis with greater composure. As a result, the levels of optimism among Greek businesses, even in the previous 12 months, although tested, were at higher levels than those of European. However, from Q3 2020 onwards these levels are improving and there is now an expectation that Greek businesses will move into a growth trajectory in the coming months.

 

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"While the global economy is gradually returning to normal, it is now clear that businesses are preparing for the next day with a more optimistic outlook than in previous months. In fact, Grant Thornton's business optimism index has been on a sustained upward trend since the third quarter of 2020 till today, suggesting that Greek business leaders have overcome previous difficulties after the initial shock they received in the first few months of 2020. Now, 6 out of 10 businesses estimate that they will have fully recovered within the next 12 months, while 8 out of 10 expect their revenues to increase over the same period. Although the willingness for investment in the coming months is limited, the technology sector is in the spotlight, as the pandemic has highlighted the need to shield businesses against cybersecurity-related risks. The main priorities of companies include improving their efficiency both cost-wise and operationally and upgrading their internal processes and technological infrastructure. Digital transition is one of the main pillars of the Recovery Fund, which is estimated by 7 out of 10 enterprises to have a positive impact on the Greek economy. It is important to note that most businesses maintain this belief, despite the fact that a very small number of businesses already have a well-developed plan for the use of the Fund's resources."

 

Thanasis Xynas, Partner, Assurance

Greek Entrepreneurship:
A Path to Recovery

 

Editorial team:

  
Manolis Michalios
Partner, Head of Assurance		 Thanasis Xynas
Partner, Assurance
Dimitris Panterlis
Partner, Assurance		 Athanasia Kourti
Director, Assurance

 

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