Data from the pan-European survey by the European Commission has shown that investments in Greece are in a deadlock. After six years of recession and many structural reforms it appears that the Greek businessmen still prefer to invest in cafes, restaurants, hairdressers clothing and shoe stores rather than in the fields of innovation, technology and exports.
At the same time other bailout countries such as Spain, Portugal and Ireland are promoting more productive sectors. However, the Greek economy is dominated by small businesses, the so-called non-productive sectors. Another recent survey showing that about 90% of new Greek enterprises are in non-productive sectors.
The European Commission survey also revealed that the few productive corporations (less than 20%) employ over 60% of the country’s private employees. However, it appears that those who follow the usual pattern of the Greek economy that offers easy money have been rewarded, while others who invest in exports and more productive fields are struggling to survive.
According to Endeavor Greece the most promising sectors are: tourism, agriculture, green technologies, information and communication technology, financial services, health, commerce, biotechnology and nanotechnology.
Although Greek businessmen have many ideas, it is very difficult to realize them because of insufficient state funding, corruption in public administration, bureaucracy and the difficulty in securing loans.