Executive Search in Greece – 2021 Outlook

Elections Bring Hope for Change

The change of Government in 2019 allowed a remarkable change in optimism in Greece, translating into an important boost in economic activity in the last quarter. Fears of the previous counter productive attitude and resulting legislations of a leftist Government – with extreme taxes to the middle class and up, an effort to control justice & the press, and restructuring of the penal code towards leniency to terrorists & outlawed behavior – were minimized. A new Greece arose with a renewed set of values and a well structured approach on all fronts allowing for development and prosperity. Recruiting felt like the end of the ‘00s once more.

2020 began with a great deal of positiveness, business initiatives, an important interest from foreign investors to look into opportunity, and an important rises in real estate rent & value. COVID-19 brought this increased development dynamic to a stop, in combination with a renewed aggressiveness of Turkey in challenging boarders, bringing tension between the two countries to the limit & exploiting the refugee crisis for its own benefit.

The new Government’s management of these crises surpassed expectations, showing profound maturity and structure in supporting the business community to overcome the crisis, rapidly developing digital and communication infrastructure in cooperation with the private sector to enable the continuation of education & government operation in general, restructure tax policy towards a more productive model, manage communication to the public in order to enhance responsibility and respect of lockdowns and other directives, rapidly develop the capacity of medical infrastructure and also broaden the effect of Greece’s diplomacy virtually globally.

Business in 2021 continues to roll smoothly, with recruiting keeping a constant rate in general. A great deal of infrastructure and policy restructuring has been put in motion as well as systematic enhancement of the development of Greece as an investment destination. The business atmosphere feels like it is being held back until the COVID-19 crisis can be put behind us, and important development projects and opportunities which were held stagnant by the previous Government are being set in motion. Foreign investment from the EU, Israel the Middle East and the USA is starting to show vital interest and go forward with deals that will develop a new economic reality in the country, and Greece has stabilized to a point where lending interest rates are low to negative and it is now part of the Fiscal policies of the ECB. Greece’s GDP was projected to be at $195 Bio in 2020 (10% drop) and $260 Bio in 2025 with an average rise of 4% in the next years. It seems that once we are over the COVID-19 hill, there is an important area of opportunity and growth.

Contact the author:Nikos Yannoulatos
For information on executive search services in Greece visit Cornerstone Athens