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Greeces growth undermined by lack of investment

first_img Facebook Twitter: @NeosKosmos Instagram All indicators agree: the Greek economy is on the way to recovery, yet all optimism coming from this return to growth is undermined by a basic element which is still missing: investment. With the country’s unemployment still perched at 21 per cent (despite having fallen from 24 per cent), the need for investments becomes more evident every passing day. According to a Bloomberg media analysis, investment is the only thing that would drive unemployment below 20 per cent and push down social costs.The report quotes economist Nicholas Magginas, a leading economist with the National Bank of Greece, who estimates that Greece will need investments to grow at an average rate of 8 per cent for the next few years: “You can’t have sustained growth without investment,” he says. “So far the employment pickup has been in labour-intensive, low-skilled sectors like tourism, which don’t improve productivity. But that was the easy part and now it needs to be more capital-intensive.”The Greek government has been trying to create confidence, advertising the country’s return to stability and hoping that this would lead to investment, but this has yet to happen – and the public debate on high-profile investment projects being stalled due to environmental or archaeological reasons, is not helpful. Despite signs of life becoming evident in almost all industries, from manufacturing, which hit a nine-year high last month to retail, which has seen sales growing while crisis-stricken consumers slowly return to spending, gross fixed capital formation was stagnant in 2016, and grew just 2.7 per cent in the first half of this year.last_img read more

Go back to the enewsletter Silversea Cruises ha

first_imgGo back to the e-newsletter >Silversea Cruises has announced that guests will be able to book from Monday, 2 November 2015, for its new flagship, Silver Muse, which begins sailing in April 2017.The new ultra-luxury, boutique ship, with just 286 suites, will make its maiden voyage from Monte Carlo to Nice at the start of the 2017 season.  The 13-day sailing will depart on 20 April 2017 and arrive in Nice on 3 May 2017, stopping at ports including Barcelona, Valletta, Amalfi and Sorrento.Before the maiden voyage, there will also be an Easter voyage, departing Monte Carlo on 10 April 2017 for an 8-day début sailing, taking in destinations including Porto Mahon, Livorno and Portofino, arriving in Monte Carlo on 18 April 2017.During 2017, Silver Muse will sail throughout Europe, Canada, North and South America as well as the Caribbean, taking in over 130 destinations in 34 countries.Silver Muse can accommodate up to 596 guests, who will experience fine dining at sea, with eight restaurants amongst which include Atlantide, La Terrazza, Hot Rocks, Kabuki and Regina Margherita.“We are creating the ultimate boutique ship at sea. Silver Muse isn’t trying to be the biggest, far from it, but we are aiming to deliver the finest tailor-made service on every continent,” said Manfredi Lefebvre d’Ovidio, Chairman of Silversea. “I can assure guests that they will be missing out if they don’t book a voyage on Silver Muse for 2017.”Go back to the e-newsletter >last_img read more