Securing growth in an era of adversities
Since mid-2021, businesses have shown remarkable recovery, overcoming the crisis caused by the pandemic.
However, the negative developments taking place within 2022, both on a geopolitical and economic level, shape a new environment full of unprecedented challenges.
Based on Grant Thornton's global research, Business Pulse, we examine the most recent predictions made by Greek entrepreneurs for the forthcoming year as well as how they view the difficulties.
After a long period during which the expectations index for Greek businesses was at much lower levels compared to the European and global average, since 2019 the levels of optimism are higher than the respective European and global ones.
Despite the pandemic's negative effects on the economy, optimism among Greek entrepreneurs returned in the first half of 2021, and by the end of the year, it tended to climb back to pre-pandemic levels.
Nevertheless, the past six months' events have had a considerable negative impact, and levels of optimism have sharply declined.
When analyzing the numerous factors that contribute to this challenging era of the past six months' events, despite their pessimism about the outlook of the economy, Greek entrepreneurs believe that the recent escalation of growth restrictions has less of an impact on them than on their counterparts in Europe and the rest of the world. As a result, their levels of optimism remain higher than the European and global average.
"The findings of Grant Thornton's recent survey on Greek businesses show that unpredictable developments require immediate changes. From growth strategies and investments, to wage policy and production cost management, businesses are showing increased adaptability, which will allow them to navigate the coming months with the least possible impact on their operations. At the same time, the fact that Greek entrepreneurs are more optimistic regarding the outlook of the Greek economy compared to the global one indicates the strong belief that prevailed, already, since the previous year, that after the successive crises of the previous years, Greek businesses have left indeed the worst behind them and they are more prepared to successfully address future challenges."
Manolis Michalios, Partner, Head of Assurance
Partner, Head of Assurance