Eurobank: ‘2016 will be a Good Year for Greek Tourism’

2016 shall be a very good 12 months for Greek tourism, however, regardless of efforts already made, it’s important for all to help to ensure that Greece to keep up its competitiveness, based on a examine of Eurobank.

Eurobank’s examine was introduced on Thursday night throughout the 1st Greek Tourism Convention held in Athens, which centered on the challenges and alternatives for the sector. The convention was held by Eurobank in collaboration with the Greek Tourism Confederation (SETE) and attracted entrepreneurs from all sectors of the tourism business, representatives of establishments and lecturers.

Throughout his speech, Eurobank’s chief economist, Platon Monokrousos, introduced the financial institution’s examine that was carried out by the Financial Evaluation and Analysis Division of Eurobank Worldwide Capital Markets and centered on the alternatives, challenges and prospects of the Greek tourism business.

In line with Eurobank’s examine, the World Journey & Tourism Council (WTTC) has acknowledged that the overall contribution of tourism to the Greek financial system quantities to 18.5 p.c of GDP, whereas, SETE’s calculations present a contribution of 20-25 p.c to GDP. In the meantime, based on the WTTC, the overall contribution of tourism to the nation’s employment stood at 23.1 p.c in 2015 and is estimated to achieve 28 p.c in 2026.

Mr Monokrousos added that Greece’s conventional tourism product — the triptych “solar, sand and sea” — have to be maintained together with an improve of the standard companies provided and that it’s essential to develop different sorts of tourism types equivalent to sea, metropolis break, medical, cultural, non secular and enterprise tourism.

With reference to attracting new guests, he famous that Greece ought to purpose for vacationers from quickly rising markets equivalent to India and China, in addition to vacationers with excessive earnings and a powerful tendency to devour.

Eurobank’s chairman of the board, Nikos Karamouzis, referred to the position that the financial institution has chosen to comply with: “a timeless, strategic and monetary companion of Greek tourism that persistently supported the business with understanding, regardless of the difficulties and uncertainties of the current years”. He additionally added that the profitable analysis of the Greek program by the nation’s worldwide collectors, might change the state of affairs of the Greek financial system.

In his keynote speech, SETE’s president Andreas Andreadis expressed the sector’s hope that “the cycle of extreme taxation of Greek entrepreneurship” would come to an finish following the closure of the analysis.

“We should make the perfect of the vacationer season and be certain that tourism will proceed to help native communities with jobs and the financial system with income”, Mr Andreadis underlined.

He added that it was “completely mandatory” for the federal government to revive the degrees of taxation again to regular and aggressive ranges and proceed with measures to fight tax evasion, to enhance and implement the event regulation, to take away all types of bureaucratic obstacles for small and large-scale funding, to fully resolve issues for issuing visas and to make sure stability to be able to restart the sleek financing by the banking system.

On his half, the president of the Hellenic Federation of Hoteliers, Yiannis Retsos, highlighted that Greek tourism’s competitiveness has been struck and that the continued follow of “overtaxation” merely aggravates the sustainability of companies.

Eurobank’s CEO, Fokion Karavias, confused that bankers “are usually not simply companions” with Greek tourism entrepreneurs.

“We’re strategic companions”, he stated, including that the time has come for the banking system to depart behind the administration of steady disaster and switch to the principle challenge: the financing of the Greek financial system.