Investment and the growth model of Greece

Authors:
Georgios Manalis
Manos Matsaganis
Sophia Tsarouha  

 

The evolution of investment and its components from 1995 until today provides a complete picture of the country’s growth model, as well as its viability and capacity to recover after a major crisis. Investment over time clearly follows Greek business cycles over the last 20 years and offers valuable lessons regarding necessary policies to reform the Greek growth model.

According to the graph, the Greek economy experienced a boom phase over 1997-2007, when gross fixed capital formation almost tripled from 20 bn. In 1997 to 60 bn. In 2007 (in constant 2015 prices).  With the outbreak of the Greek crisis, investment followed closely the path of the economy. Indicatively, for the first time in 2010, capital formation was lower than capital depreciation giving rise to an investment gap which would persist for the following years. Within 7 years in 2007-2014, investment fell back to the 1997 level at 20 bn.. Since then, investments shrinks at 10.1% of GDP in 2019 (versus 22.2% for the EU).

The fact that investment failed to follow the economy’s weak but positive growth rates over the period 2017 until the covid outbreak, links to the nature of investment which impedes a quick recovery. Looking back at the aforementioned boom phase, Greek investment was largely carried by private construction and large construction projects by the public sector, leaving productive investment (in machinery and transportation equipment) at relatively low levels. This left the Greek economy without the necessary productive base in the aftermath of its economic crisis. Large public projects were halted and households were stripped of any savings.

The weak Greek productive base raises concerns with respect to the viability of the country’s growth model. However, an opportunity to substantially adjust it is provided by the Resilience and Recovery Plan by the EU. The Plan’s targets such as Green Transition and Digital Transformation can significantly push investment towards the right direction. First, investments prescribed by Green transition such as electrical interconnections of the islands and energy storage investments, as well as upgrading energy efficiency of buildings for households, enterprises and the public sector can restore large public projects that can lead to recovery. At the same time, digital transformation primarily targets the operation of small and medium size businesses as well as their transactions with the public sector. Those actions can incentivize private investments by SMEs. Second, the actions prescribed by the Plan refer mainly to productive investment allowing the Greek growth model’s transitioning from construction to investments of higher added value.

Certainly, EU funding is not going to radically change the Greek economic landscape nor restore production frictions of the last decades. However, it can lead the way to a new investment model with a longer horizon.

 

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Philippos Of Greece Wedding In Athens

ATHENS, GREECE - OCTOBER 23, 2021:
Queen Sofia of Spain waves as she enters the Athens' Cathedral with Crown Prince Pavlos of Greece and her sister Princess Irene of Greece, following the wedding ceremony of Nina Flohr and Prince Philippos at the Metropolitan Greek Orthodox Cathedral of Athens, on October 23, 2021 in Athens, Greece. Prince Philippos of Greece and Denmark, the son of the last King and Queen of Greece, is the first member of the former royal family to marry at the Cathedral since the end of the monarchy.

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ATHENS, GREECE - OCTOBER 23: The daughters of Princess Alexia of Greece are the bridesmaids of the royal wedding ceremony of Prince Philippos and Nina Flohr at the Metropolitan Greek Orthodox Cathedral of Athens, on October 23, 2021, in Athens, Greece. Prince Philippos of Greece and Denmark, the son of the last King and Queen of Greece, is the first member of the former royal family to marry at the Cathedral since the end of the monarchy.


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ATHENS, GREECE - OCTOBER 23: Queen Anne-Marie of Greece, escorts her son Prince Philippos while arriving at the Athens' Cathedral, following the wedding ceremony of Prince Philippos and Nina Flohr at the Metropolitan Greek Orthodox Cathedral of Athens, on October 23, 2021, in Athens, Greece. Prince Philippos of Greece and Denmark, the son of the last King and Queen of Greece, is the first member of the former royal family to marry at the Cathedral since the end of the monarchy.


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ATHENS, GREECE - OCTOBER 23: (COMPILATION) The kid bridesmaids are seen playing during the royal wedding ceremony of Prince Philippos and Nina Flohr at the Metropolitan Greek Orthodox Cathedral of Athens, on October 23, 2021, in Athens, Greece. Prince Philippos of Greece and Denmark, the son of the last King and Queen of Greece, is the first member of the former royal family to marry at the Cathedral since the end of the monarchy.


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ATHENS, GREECE - OCTOBER 23: King Constantine II, the last Greek monarch, waves to Greek people cheering for him as he arrives at the Athens' Cathedral, following the wedding ceremony of his son Prince Philippos and Nina Flohr at the Metropolitan Greek Orthodox Cathedral of Athens, on October 23, 2021 in Athens, Greece. Prince Philippos of Greece and Denmark, the son of the last King and Queen of Greece, is the first member of the former royal family to marry at the Cathedral since the end of the monarchy.


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ATHENS, GREECE - OCTOBER 23: (COMPILATION) Princess Alexia of Greece and her husband Carlos Morales and their children arrive at the Athens' Cathedral following the wedding ceremony of Nina Flohr and Prince Philippos at the Metropolitan Greek Orthodox Cathedral of Athens, on October 23, 2021 in Athens, Greece. Prince Philippos of Greece and Denmark, the son of the last King and Queen of Greece, is the first member of the former royal family to marry at the Cathedral since the end of the monarchy.



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ATHENS, GREECE - OCTOBER 23: The arrival of the bride Nina Flohr at the Athens' Cathedral, following the wedding ceremony of Nina Flohr and Prince Philippos at the Metropolitan Greek Orthodox Cathedral of Athens, on October 23, 2021 in Athens, Greece. Prince Philippos of Greece and Denmark, the son of the last King and Queen of Greece, is the first member of the former royal family to marry at the Cathedral since the end of the monarchy.


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ATHENS, GREECE - OCTOBER 23: (COMPILATION) King Constantine II of Greece in a wheelchair pushed by his grandson, is helped to stand in order to greet the Archbishop Ieronymos II, as he arrives at the Athens' Cathedral, following the wedding ceremony of his son Prince Philippos and Nina Flohr at the Metropolitan Greek Orthodox Cathedral of Athens, on October 23, 2021, in Athens, Greece. Prince Philippos of Greece and Denmark, the son of the last King and Queen of Greece, is the first member of the former royal family to marry at the Cathedral since the end of the monarchy.


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ATHENS, GREECE - OCTOBER 23: The bride Nina Flohr escorted by her father Thomas Flohr, arrive at the Athens' Cathedral, following the royal wedding ceremony of Prince Philippos and Nina Flohr at the Metropolitan Greek Orthodox Cathedral of Athens, on October 23, 2021 in Athens, Greece. Prince Philippos of Greece and Denmark, the son of the last King and Queen of Greece, is the first member of the former royal family to marry at the Cathedral since the end of the monarchy.


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ATHENS, GREECE - OCTOBER 23: (COMPILATION) Prince Nikolaos of Greece and Denmark, Princess Tatiana of Greece and Denmark and Princess Maria-Olympia Of Greece arrive at the Athens' Cathedral, following the wedding ceremony of Nina Flohr and Prince Philippos at the Metropolitan Greek Orthodox Cathedral of Athens, on October 23, 2021 in Athens, Greece. Prince Philippos of Greece and Denmark, the son of the last King and Queen of Greece, is the first member of the former royal family to marry at the Cathedral since the end of the monarchy.


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ATHENS, GREECE - OCTOBER 23: (COMPILATION) The bride Nina Flohr escorted by her father Thomas Flohr, arrive at the Athens' Cathedral, following the royal wedding ceremony of Prince Philippos and Nina Flohr at the Metropolitan Greek Orthodox Cathedral of Athens, on October 23, 2021 in Athens, Greece. Prince Philippos of Greece and Denmark, the son of the last King and Queen of Greece, is the first member of the former royal family to marry at the Cathedral since the end of the monarchy.


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ATHENS, GREECE - OCTOBER 23: (COMPILATION) Crown Prince Pavlos of Greece (left) and Princess Marie- Chantal of Greece (left) and their children Prince Achileas-Andreas and Prince Aristidis Stavros arrive at the Athens' Cathedral, following the wedding ceremony of Nina Flohr and Prince Philippos at the Metropolitan Greek Orthodox Cathedral of Athens, on October 23, 2021 in Athens, Greece. Prince Philippos of Greece and Denmark, the son of the last King and Queen of Greece, is the first member of the former royal family to marry at the Cathedral since the end of the monarchy.


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ATHENS, GREECE - OCTOBER 23: (COMPILATION) Crown Prince Pavlos of Greece greets Queen Sofia of Spain and her sister Princess Irene of Greece and Denmark as they arrive at the Athens' Cathedral following the wedding ceremony of Nina Flohr and Prince Philippos at the Metropolitan Greek Orthodox Cathedral of Athens, on October 23, 2021 in Athens, Greece. Prince Philippos of Greece and Denmark, the son of the last King and Queen of Greece, is the first member of the former royal family to marry at the Cathedral since the end of the monarchy.


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ATHENS, GREECE - OCTOBER 23: Queen Sofia of Spain and Princess Benedikte Of Denmark, leave the Athens' Cathedral, following the wedding ceremony of Prince Philippos and Nina Flohr at the Metropolitan Greek Orthodox Cathedral of Athens, on October 23, 2021 in Athens, Greece. Prince Philippos of Greece and Denmark, the son of the last King and Queen of Greece, is the first member of the former royal family to marry at the Cathedral since the end of the monarchy.


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ATHENS, GREECE - OCTOBER 23: King Constantine II, (C seated) the last Greek monarch, his grandson Prince Constantine Alexios, (C standing) and Anne-Marie of Greece, leave the Athens' Cathedral, following the wedding ceremony of his son Prince Philippos and Nina Flohr at the Metropolitan Greek Orthodox Cathedral of Athens, on October 23, 2021 in Athens, Greece. Prince Philippos of Greece and Denmark, the son of the last King and Queen of Greece, is the first member of the former royal family to marry at the Cathedral since the end of the monarchy.


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ATHENS, GREECE - OCTOBER 23: The arrival of the bride Nina Flohr at the Athens' Cathedral, following the wedding ceremony of Nina Flohr and Prince Philippos at the Metropolitan Greek Orthodox Cathedral of Athens, on October 23, 2021 in Athens, Greece. Prince Philippos of Greece and Denmark, the son of the last King and Queen of Greece, is the first member of the former royal family to marry at the Cathedral since the end of the monarchy.


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ATHENS, GREECE - OCTOBER 23: (COMPILATION) The kid bridesmaids are seen collecting the wedding flowers from the floor, while they leave the Athens' Cathedral, following the wedding ceremony of Prince Philippos and Nina Flohr at the Metropolitan Greek Orthodox Cathedral of Athens, on October 23, 2021 in Athens, Greece. Prince Philippos of Greece and Denmark, the son of the last King and Queen of Greece, is the first member of the former royal family to marry at the Cathedral since the end of the monarchy.


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ATHENS, GREECE - OCTOBER 23: King Constantine II, the last Greek monarch (C seated) Prince Constantine Alexios, (C standing) Queen Anne-Marie of Greece (Centre right), Crown Prince Pavlos of Greece (left) and Princess Marie- Chantal of Greece (left) wave as they leave the Athens' Cathedral following wedding ceremony Nina Flohr and Prince Philippos at the Metropolitan Greek Orthodox Cathedral of Athens, on October 23, 2021, in Athens, Greece. Prince Philippos of Greece and Denmark, the son of the last King and Queen of Greece, is the first member of the former royal family to marry at the Cathedral since the end of the monarchy.


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ATHENS, GREECE - OCTOBER 23: Prince Philippos, son of former King of Greece Constantine II, and his wife Nina Flohr wave as they leave the Athens' Cathedral following their wedding ceremony at at the Metropolitan Greek Orthodox Cathedral of Athens, on October 23, 2021 in Athens, Greece. Prince Philippos of Greece and Denmark, the son of the last King and Queen of Greece, is the first member of the former royal family to marry at the Cathedral since the end of the monarchy.


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ATHENS, GREECE - OCTOBER 23: Prince Philippos, son of former King of Greece Constantine II, and his wife Nina Flohr seen kissing as they leave the Athens' Cathedral following their wedding ceremony at at the Metropolitan Greek Orthodox Cathedral of Athens, on October 23, 2021 in Athens, Greece. Prince Philippos of Greece and Denmark, the son of the last King and Queen of Greece, is the first member of the former royal family to marry at the Cathedral since the end of the monarchy.


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ATHENS, GREECE - OCTOBER 23: King Constantine II, (C seated) the last Greek monarch, his grandson Prince Constantine Alexios, (C standing) and Anne-Marie of Greece, leave the Athens' Cathedral, following the wedding ceremony of his son Prince Philippos and Nina Flohr at the Metropolitan Greek Orthodox Cathedral of Athens, on October 23, 2021 in Athens, Greece. Prince Philippos of Greece and Denmark, the son of the last King and Queen of Greece, is the first member of the former royal family to marry at the Cathedral since the end of the monarchy.


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ATHENS, GREECE - OCTOBER 23: (COMPILATION) Prince Achileas-Andreas, Prince Aristidis Stavros, Crown Prince Pavlos, Crown Princess Marie-Chantal, Prince Constantine Alexios, Princess Maria-Olympia are seen the Athens' Cathedral following the wedding ceremony of Prince Philippos and Nina Flohr at the Metropolitan Greek Orthodox Cathedral of Athens, on October 23, 2021 in Athens, Greece. Prince Philippos of Greece and Denmark, the son of the last King and Queen of Greece, is the first member of the former royal family to marry at the Cathedral since the end of the monarchy.


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ATHENS, GREECE - OCTOBER 23: The bride Nina Flohr escorted by her father Thomas Flohr, arrive at the Athens' Cathedral, following the royal wedding ceremony of Prince Philippos and Nina Flohr at the Metropolitan Greek Orthodox Cathedral of Athens, on October 23, 2021 in Athens, Greece. Prince Philippos of Greece and Denmark, the son of the last King and Queen of Greece, is the first member of the former royal family to marry at the Cathedral since the end of the monarchy.


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ATHENS, GREECE - OCTOBER 23: Prince Nikolaos of Greece and Denmark greets the cheering Greek people, as he leaves the Athens' Cathedral, following the wedding ceremony of Prince Philippos and Nina Flohr at the Metropolitan Greek Orthodox Cathedral of Athens, on October 23, 2021 in Athens, Greece. Prince Philippos of Greece and Denmark, the son of the last King and Queen of Greece, is the first member of the former royal family to marry at the Cathedral since the end of the monarchy.


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ATHENS, GREECE - OCTOBER 23: Prince Philippos, son of former King of Greece Constantine II, and his wife Nina Flohr wave as they leave the Athens' Cathedral following their wedding ceremony at at the Metropolitan Greek Orthodox Cathedral of Athens, on October 23, 2021 in Athens, Greece. Prince Philippos of Greece and Denmark, the son of the last King and Queen of Greece, is the first member of the former royal family to marry at the Cathedral since the end of the monarchy.


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ATHENS, GREECE - OCTOBER 23: Prince Philippos, son of former King of Greece Constantine II, and his wife Nina Flohr seen kissing as they leave the Athens' Cathedral following their wedding ceremony at at the Metropolitan Greek Orthodox Cathedral of Athens, on October 23, 2021 in Athens, Greece. Prince Philippos of Greece and Denmark, the son of the last King and Queen of Greece, is the first member of the former royal family to marry at the Cathedral since the end of the monarchy.


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ATHENS, GREECE - OCTOBER 23: Princess Beatrice of York (right) and Edoardo Mapelli Mozzi (right), Crown Prince Pavlos of Greece and Princess Maria-Olympia Of Greece, are seen reacting among other guests while they leave the Athens' Cathedral, following the wedding ceremony of Prince Philippos and Nina Flohr at the Metropolitan Greek Orthodox Cathedral of Athens, on October 23, 2021 in Athens, Greece. Prince Philippos of Greece and Denmark, the son of the last King and Queen of Greece, is the first member of the former royal family to marry at the Cathedral since the end of the monarchy.


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ATHENS, GREECE - OCTOBER 23: (COMPILATION) Princess Alexia of Greece her husband Carlos Morales and their children, while they leave the Athens' Cathedral, following the wedding ceremony of Prince Philippos and Nina Flohr at the Metropolitan Greek Orthodox Cathedral of Athens, on October 23, 2021 in Athens, Greece. Prince Philippos of Greece and Denmark, the son of the last King and Queen of Greece, is the first member of the former royal family to marry at the Cathedral since the end of the monarchy.


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ATHENS, GREECE - OCTOBER 23: Queen Sofia of Spain, her sister Princess Irene of Greece and Princess Benedikte Of Denmark, leave the Athens' Cathedral, following the wedding ceremony of Prince Philippos and Nina Flohr at the Metropolitan Greek Orthodox Cathedral of Athens, on October 23, 2021 in Athens, Greece. Prince Philippos of Greece and Denmark, the son of the last King and Queen of Greece, is the first member of the former royal family to marry at the Cathedral since the end of the monarchy.


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ATHENS, GREECE - OCTOBER 23: Queen Sofia of Spain, her sister Princess Irene of Greece and Princess Benedikte Of Denmark, are seen reacting among other guests while they leave the Athens' Cathedral, following the wedding ceremony of Prince Philippos and Nina Flohr at the Metropolitan Greek Orthodox Cathedral of Athens, on October 23, 2021 in Athens, Greece. Prince Philippos of Greece and Denmark, the son of the last King and Queen of Greece, is the first member of the former royal family to marry at the Cathedral since the end of the monarchy.


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ATHENS, GREECE - OCTOBER 23: Princess Alexia of Greece her husband Carlos Morales and their children, while they leave the Athens' Cathedral, following the wedding ceremony of Prince Philippos and Nina Flohr at the Metropolitan Greek Orthodox Cathedral of Athens, on October 23, 2021 in Athens, Greece. Prince Philippos of Greece and Denmark, the son of the last King and Queen of Greece, is the first member of the former royal family to marry at the Cathedral since the end of the monarchy.


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ATHENS, GREECE - OCTOBER 23: (COMPILATION) Crown Prince Pavlos of Greece, Princess Marie-Chantal of Greece and their daughter Princess Maria-Olympia Of Greece, are seen reacting among other guests while they leave the Athens' Cathedral, following the wedding ceremony of Prince Philippos and Nina Flohr at the Metropolitan Greek Orthodox Cathedral of Athens, on October 23, 2021 in Athens, Greece. Prince Philippos of Greece and Denmark, the son of the last King and Queen of Greece, is the first member of the former royal family to marry at the Cathedral since the end of the monarchy.


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ATHENS, GREECE - OCTOBER 23: (Interview) Mrs Eleni is an elder Greek woman living in Athens, Greece and despite her age she stood for many hours among the crowd ahead of the Cathedral to see the wedding of Prince Philippos and Nina Flohr at the Metropolitan Greek Orthodox Cathedral of Athens, on October 23, 2021 in Athens, Greece. She says that many years ago she has also attended the wedding of the father of Prince Philippos, at the same Cathedral. She recalls the moments of the wedding of the King Constantine II and Queen Anne-Marie of Greece, that took place on September 1964 when Mrs Eleni was very young. She speaks in Greek. Translation: "Today I experienced moving moments because the memories from the wedding of the King Constantine II and Queen Anne-Marie came to my mind. I was a little girl then. I had come to see the wedding with my uncle and we stood ahead a big famous store. It was too crowded and someone stole my uncle's wallet. I had felt as happy then as I did today. Queen Anne-Marie was a very beautiful bride. I remember King Constantine on the royal carriage. The bride was very cute. She wore a simple and aristocratic wedding dress. And her hair was looking very nice and modern. Queen Anne-Marie was greeting the people, her cheeks were red and her eyes were filled with tears. I believe she loved Greece a lot. And I was here again today and I lived these moments one more time, despite the health problems I am facing. But I really wanted to live again these moments of this royal greatness."


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Pontic Greek Genocide Remembered in Athens

 

Pontic Greek Genocide Remembrance Day, which commemorates the systematic killing of Greeks who lived on the shores of the Black Sea, by the Ottoman Turks during World War I and the subsequent Greco-Turkish War, was honored on Wednesday May 19, 2021, by the Greek Parliament.

IN PICTURES:

 

Related links:
Pontian Greek Genocide Memory Day in Athens
Wikipedia: Greek genocide

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Musicians and Art Workers Protest Rally in Athens, Greece

Hundreds of Art Workers rally in the center of the Greek capital on Sunday 25 April 2021, to highlight the plight of the music industry during the current pandemic. Actors, musicians, dancers and people from the entire spectrum of the art scene protest to put pressure on the government to give more support to self-employed artists, as theaters and music venues remain closed.

PICTURES:

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200th anniversary of the Greek Revolution of 1821

 Greece celebrates the 200 years since the beginning of the Greek War of Independence of 1821 against the Ottoman Empire which led to its modern state.
An impressive military parade for the bicentennial of theGreek Revolution of 1821 was held in Athens, a ceremony that was off limits to the public due to coronavirus restrictions. The public was able to watch only through live television coverage or online streaming.
Because of the historic significance of this year’s Greek Independence Day parade, some squads are wearing traditional costumes from different regions of the Greek mainland and the islands, while actual historical artifacts — many of which have not been exhibited before, were also featured in the parade. Athens, Greece,March 25, 2021.

 PICTURES:

 

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