Athens Stock Exchange top performing equity market in Europe last year
The Athens Stock Exchange was the best-performing equity market in Europe last year, reflecting international investors' newfound confidence in Greece’s recovery, Andreas Yannopoulos, founder of the InvestGR Forum, notes in a recent article on ekathimerini.com:
Across the board, foreign investors are putting their money in Greek assets from stocks and bonds to real estate and helping to push foreign direct investment in Greece to record highs.
Compared with just a few years ago, when the country was in the grips of Europe’s worst financial crisis, it’s evident that in the eyes of foreigners Greece is back. The challenge now is to bring Greeks back.
During the crisis, an estimated half-a-million, mainly young, mostly well-educated Greeks left the country in search of better opportunities abroad. For Greece, the cost of that brain drain has been enormous. According to one estimate, Greeks abroad contributed more than 13 billion euros a year to the economies of their host countries – and 9 billion euros in taxes – but cost the Greek state a total of 8 billion for their education.
Without question, Greece produces top-notch talent, and Greek-educated scientists have distinguished themselves in nearly every branch of the natural and social sciences, from medicine to economics to physics. Around the world, Greeks are also at the cutting edge of business, technology and the arts. Unfortunately, those distinctions have mostly taken place in other countries.
Recent trends in Greece record how much international businesses value Greek talent. In the last few years, high-tech leaders like electric automaker Tesla have set up research institutes in Greece. EY is investing in a new artificial intelligence hub in the country, and foreign multinationals, like Samsung and Daimler, have bought promising Greek startups. A delegation of Japanese investors also recently visited Greece to look at the country’s startup scene. And for years Greece has been an established leader in other knowledge industries, like life sciences, which has propelled the country forward as a regional development hub for the pharmaceutical industry.
To reverse the recent brain drain, Greece may have to consider specific incentives to attract young Greeks back, the founder of the InvestGR Forum argues. Just as importantly, Greece will have to adopt new policies to boost the country’s chronically low spending on research and development and put Greece firmly on the international R&D map. Foreign multinationals already doing business in Greece will also play a key role: At the 3rd InvestGR Forum – “Greece is Back” – in June foreign business leaders and local policy-makers will address the concrete steps the government must take to make that promise a reality.
Financial markets are rightly considered leading economic indicators. And the recent capital inflows from abroad are very welcome: Lower bond yields reduce Greek corporates' borrowing expenses and the revival of the stock market is one step toward reawakening Greece’s moribund IPO market. Privatizations are also being speeded up – including the redevelopment of the old Athens airport plot at Elliniko – bringing fresh revenues for the government and jobs for the unemployed.
But Greece will need 100 billion euros in FDI during the next three years just to make up lost ground and will need many more years of steady, sustainable growth to completely leave the recent financial crisis behind. That means translating the current mood in the markets into long-term fixed capital investment and long-term investment in human capital.
There is no question that Greece is back. The challenge now is to translate the recovery into long-term sustainable growth, Mr. Yannopoulos concludes.
RELATED TOPICS: Greece, Greek tourism news, Tourism in Greece, Greek islands, Hotels in Greece, Travel to Greece, Greek destinations, Greek travel market, Greek tourism statistics, Greek tourism report
Photo Source: Wikimedia Commons License: CC-BY-SA Copyright: Dimorsitanos
- 1) Thessaloniki Port: Performance growth for 2023 with record container throughput
- 2) LAMDA Development malls and marinas reach new record high
- 3) IOBE: Construction sector in Greece records robust growth and good prospects
- 4) PM at Economic Club of Canada: Greece is an attractive investment destination
23/04 23:52
Greece’s New Ambassador to the United States visits Queens in New York
23/04 21:49
Traffic regulations in Athens due to the Olympic Torch Relay on Thursday-Friday
23/04 20:59
President of the Hellenic Republic wrapping up visit to Uruguay at parliament
23/04 15:44
Greek government will pass legislation halving commission paid for POS transactions
23/04 15:03
Precise location of Plato's burial site unveiled by ancient papyrus
22/04 22:33
'Nature Positive' peport highlights new collaborative era in travel & tourism
22/04 21:25
22/04 20:37
Greek and Turkish delegations discuss Confidence Building Measures for 2024
22/04 18:29
Over 114,000 Greek Diaspora citizens register to vote by post in the European elections
22/04 13:40
19/04 01:29
Athens State Orchestra presents 'St. Matthew's Passion' by Bach on April 30th
18/04 21:49
Greek Climate Change Minister signs memorandum for Attica fire protection zones
18/04 20:32
'Easter Basket' and 'Godparents basket' to be put into effect next week in Greece
18/04 20:17
18/04 17:40
17/04 21:06
Thessaloniki Port: Performance growth for 2023 with record container throughput
17/04 20:57
Traffic regulations imposed in Athens for the 41st Peace Marathon on Sunday
17/04 20:52
17/04 18:15
Greek Foreign Minister addresses the 9th Our Ocean Conference in Athens
17/04 17:12
16/04 21:02
NHM hosts the Trial of Pericles at the Harris Theater in Chicago on April 17
16/04 20:17
Greece will invest $830 million to protect marine biodiversity
16/04 01:46
New York Greek Independence Parade honors 1821 and solemn Cyprus Anniversary
16/04 01:35
Olympic Games Paris 2024: Olympic Flame to be lit at Ancient Olympia in Greece
16/04 00:29
European Committee of Regions and UN release study on Rural Tourism
15/04 20:41
15/04 19:58
Minister: Greece is transforming into a hub for exporting quality agri-food products
15/04 18:51
Greek Environment Minister meets Chinese Deputy Minister of Natural Resources
13/04 00:13
UN Tourism and Croatia to launch Research Centre for Sustainable Tourism
12/04 00:03
2024 marks a critical year in the enduring strength of Greek-German relations
12/04 00:00
11/04 22:07
Ambassador: US committed to upgrade of Greek military and support NATO's SE flank
11/04 19:40
Hellenic Pride on display at rainy Chicago Greek Independence Day Parade
11/04 02:06
Delphi Economic Forum IX: Energy collaboration a 'key' in Greek-Bulgarian relations
11/04 01:58
UN Tourism launches investment guidelines for Albania sector
10/04 19:01
Greek FinMin: New package of economic measures in 2025 to lower taxes, raise pensions
10/04 18:25
Greek city of Nafplion hosts Mediterranean Yacht Show for ninth year running
09/04 23:57
Greek PM on Tilos: Innovative projects for a cyclical economy are of key significance
09/04 23:55
UN Tourism members promote agenda for Europe as region leads global recovery
09/04 23:46
HFS presents 1968, Rousing Docudrama about Greece’s First European Cup April 21
09/04 22:48
Stolen 7th-century BC oenochoe returned to Greece by Hanover museum, municipality
09/04 22:42
Greek civil servants confederation ADEDY to strike on May 21
09/04 21:55
Greek Migration Minister meets Senior US Coordinator for Lawful Migration
08/04 23:48
08/04 23:41
Elliniko-Argyroupoli Mayor marches in Greek Independence Philadelphia Parade
08/04 21:53
Project Voria casino complex in Maroussi moving ahead after environmental report
08/04 21:36
Minister: Up to 120 delegations to take part in 9th Our Ocean Conference in Athens
08/04 19:22
Direct flight from Shanghai to Athens offers access to key tourism market for Greece
08/04 18:31
AI conference to attract distinguished speakers to Thessaloniki on April 25-27
04/04 23:28
City of San Jose marks March 25 with 16th Annual Greek Flag Raising Event
04/04 22:16
Urban plans published for seven townships in Thessaloniki and Attica of Greece
04/04 17:24
FinMin: The new EU economic and fiscal framework is good for Greece
04/04 15:30
Greek PM meets with the chiefs of the international pharmaceutical manufacturers
04/04 00:15
Deputy Minister for Macedonia-Thrace meets US Embassy Deputy Mission Chief
03/04 20:12
Syracuse AHEPA Chapter 37 marks March 25th Greek Independence Day
03/04 18:10
Greece's Delphi Economic Forum on April 10-13 to focus on 'The Great Transition'
03/04 16:42
Minister: Industrial production has returned to the pre-crisis levels in Greece
02/04 18:06
30/03 23:21
Eleni Gatzoyiannis scholarship offered to Greek students at Boston University
29/03 16:44
3rd edition of 'This is Athens - City Festival' with 250+ events from May 1 until June 2
29/03 15:53
Athens Metro station Aghia Varvara to stay closed on Saturday and Sunday
29/03 13:55
Greek Foreign Minister for Economic Diplomacy concludes visit to Montenegro
29/03 12:00
29/03 11:51
28/03 18:41
Attica Region to channel 640 bln euros to services of vulnerable and disadvantaged groups
28/03 17:32
Greece to auction three-month T-bills on April 3, 2024 in a book entry form
28/03 15:46
Greece's Meteora Pyli Geopark added to UNESCO Global Geoparks network
28/03 14:44
IPTO announces framework agreement tender for undersea power cables in Greece
28/03 11:49
IOBE: Construction sector in Greece records robust growth and good prospects
26/03 23:51
St. Thomas Hellenic School honors 1821 and the Feast of the Annunciation in NJ
26/03 21:59
PM at Economic Club of Canada: Greece is an attractive investment destination
26/03 17:56
Greek State budget primary balance reaches a surplus of 3,378 million euros
26/03 11:45
Ancient Messene to get upgraded visitors' facilities after approval by Council
23/03 17:43
New requirements for 'Golden Visa' program to kick in on March 31
23/03 16:49
Athenians continue to head out of the Greek Capital for March 25 long weekend
23/03 16:47
Greek Parliament lights to be turned off for Earth Hour 8:30-9:30 pm
22/03 21:54
US President on Greek Independence Day: Alliance with Greece stronger than ever
22/03 19:51
High diplomacy and geopolitics at Delphi Economic Forum IX in Greece
22/03 19:32
Tax authorities enable payments with foreign bank cards in Greece
22/03 14:19
22/03 00:24
Greece ranks first on list of countries with fastest business environment progress
22/03 00:02
Hellenic Police acquires first electric VAN-type highway patrol vehicle
21/03 22:41
21/03 15:33
Unseen Museum presents "The stele of the twin babies" exhibition in Athens
20/03 22:48
Health Minister: 95% of Greek hospitals to perform afternoon surgeries
20/03 21:52
Greek Deputy Minister of Justice meets delegation from US Embassy in Athens
20/03 21:44
Greek Interior Minister to visit United States and Canada on postal vote
20/03 20:55
Philadelphia Icarians mark 85th Anniversary and organize Apokriatiko Dance
20/03 18:01
Development Minister: We continue the battle against high prices in Greece
19/03 22:28
President of the Hellenic Republic meets her Ethiopian counterpart in Athens
19/03 20:57
19/03 20:25
FinMIn: Moody’s analysis records significant progress in the Greek economy
19/03 11:15
Sector chiefs report: Good news for Greek tourism in 2024 at ITB Berlin
18/03 22:20
American Hellenic Educational Progressive Association honors Past Supreme President
16/03 13:01
Greek Deputy Foreign Μinister meets her Slovenian counterpart in Athens
16/03 12:56
Greek-Canadian Diaspora to welcome Greek Prime Minister to Toronto
16/03 11:28
Greek Migration Minister visits refugee hosting facilities in Kavala, Drama and Serres
15/03 21:50
Greek Minister announces conference on defence ecosystem in Athens from Lithuania
15/03 13:45
PM: More than 80 hospitals and 156 health centres being upgraded in Greece
15/03 12:55
Piraeus Port and Genoa Chambers of Commerce ink memorandum of cooperation
Precise location of Plato's burial site unveiled by ancient papyrus
Traffic regulations in Athens due to the Olympic Torch Relay on Thursday-Friday
President of the Hellenic Republic wrapping up visit to Uruguay at parliament
Greek government will pass legislation halving commission paid for POS transactions
Greece’s New Ambassador to the United States visits Queens in New York
Over 114,000 Greek Diaspora citizens register to vote by post in the European elections
'Nature Positive' peport highlights new collaborative era in travel & tourism
Greek and Turkish delegations discuss Confidence Building Measures for 2024
Resilience through diversity and investments the aim of UN Tourism visit to Jamaica
Greek Deputy Transport Minister flies in first test seaplane flight from Lavrio port
Prime Minister: Greece is Serbia's most stable ally in its European prospect
Minister: Greece to support Bulgaria and Romania in joining the Schengen zone
Prime Minister inaugurates Aktio-Amvrakia motorway in Western Greece
Greek Tourism Minister concludes meetings with luxury travel officials in New York
EU forecasts Greece 2024 growth at 2.3%, Eurozone’s fourth-highest rate
Greek Environment Minister meets Chinese Deputy Minister of Natural Resources
AEGEAN concludes transfer of stake in Animawings to Memento Group
DEFEA Conference to be held at Stavros Niarchos Foundation in Athens on May 15
Price cuts of up to 15% in important product categories in Greece after March 1
Greek archaeologists discover ten ancient shipwrecks off Aegean island of Kasos