The Greek Wire - November 2021

The Greek Wire is a monthly newsletter aiming to inform you about key economic and political developments in Greece.

Greek House Davos: Reforestation and climate change, the day after COP26

The high-level digital roundtable, organized by Greek House Davos, took place with great success on November 13. Greek House Davos, brought together key actors and decision-makers to discuss the outcome of COP26 and suggest concrete policy recommendations. Reforestation has been identified as a key element in mitigating climate change and its devastating effects. Greek House Davos supports the efforts of governments, businesses and international organizations for a better tomorrow.

Among the keynote speakers were: Jérôme Bindé, Writer and futurist, f. Deputy Assistant Director-General and Director of the Office of Foresight of UNESCO, Vice-President of Prospective 2100, Member of the Club of Rome, George Kremlis Principal Advisor to the Greek Prime Minister for energy, climate, environment and circular economy, Konstantinos Aravossis General Secretary for Natural Environment and Water, Greek Ministry for Environment and Energy, Cristovam Buarque f. Senator and Minister of Education, Member of the Board of the South Center Brazil, Arab Hoballah Executive Director SEED, Ex-Chief SCP, UNEP Senior Systems and Sustainability Expert, Greece / Mediterranean, Henry Saint-Bris President of ANSA Sustainable Value, Frances Reynolds President and Founder of Instituto InclusArtiz, Arnau Queralt – Bassa Chair of the European Network of Environment and Sustainable Advisory Councils, director of the Advisory Council for Sustainable Development of Catalonia, Roberto Ignacio Betancourt Vice-president of Superior Agribusiness Board and Head director of Agribusiness Department of Federation of Industries of the State of São Paulo (FIESP) and the Executive Director, of the Greek House Davos, Konstantinos Foutzopoulos. The discussion was moderated by the Greek MP and Chairman of the Parliamentary Committee for the Protection of the Environment, Dionysia Avgerinopoulou.

Greek hub in Silicon Valley

The creation of a Greek hub in Silicon Valley and the necessary steps for it to become a reality will be discussed, during the upcoming visit to the United States on December 11-18 by Deputy Foreign Minister in charge of economic diplomacy and extroversion Kostas Fragogiannis. According to "Kathimerini", the first steps toward this vision have already been taken. This reportedly happened during the first inaugural meeting last February by a newly formed group called Silicon Valley Greek Hub (SVGH), which consists of distinguished members of the local Greek community in the US that are active in the broader field of innovation.

Greek budget creates expectations for major growth

The Greek government foresees very high growth rates that add up to 11.7% for this year and next, according to the final draft of the 2022 budget, tabled in Parliament on Friday 19.11.2021. However, it has also opted to act with caution, and hopes to avoid any new handouts or social dividends, as it wants to secure a return to a primary surplus and investment grade as of 2023. The budget provides for a growth rate of 6.9% in 2021, up from 6.1% in the first draft that was drawn up in early October. This means almost 70% of the 2020 losses will have been covered by the end of December.

EU Competitiveness Council on the Single Research Area

The Deputy Minister of Development and Investment, Mr. Christos Dimas, discussed in Brussels during the meeting of the EU Competitiveness Council the need to create a Single Research Area for the member states. The Council adopted a coherent draft of conclusions for the new governance of the European Research Area. Mr. Dimas presented to his counterparts the proposal of the Prime Minister Mr. Kyriakos Mitsotakis and the Greek Government for the need to utilize research and innovation in order to develop alternative non-polluting fuels for ships and the development of technologies in order to get rid of carbon dioxide emissions in the maritime transport sector.

Significant increase in new business registrations in Greece in the 3rd quarter of 2021

The Hellenic Statistical Authority (ELSTAT) announced data on business demography in Greece and specifically on Registrations and Bankruptcies, for the 3rd quarter 2021. Business demography statistics constitute, at European and international level, one of the most rapidly developing statistical domains and attract the interest of policy makers, institutional users and society, in general, as they are widely relevant through the information they provide.

The number of registrations in all economic sections in the 3rd quarter 2021 amounted to 22,642, recording an increase of 9.2% in comparison with the 3rd quarter 2020, when the respective number was 20,725 and a decrease of 14.1% in comparison with the 2nd quarter 2021, when the respective number was 26,370. Among the sections of economic activity with the largest contribution to the total turnover, according to the data of the Statistical Business Register for the reference year 2018, the biggest increase in the number of registrations in the 3rd quarter 2021 in comparison with the 3rd quarter 2020, was recorded in section "Financial and Insurance Activities (34.0%) and in section "Transportation and Storage" (12.4%).