Greece Can Regain Pre-pandemic Tourism Levels by 2022
[wp-rss-aggregator]The Greek central bank has said that pre-pandemic tourism levels may be achieved in 2022 if the industry diversifies its offering and attracts additional investment.
This year’s performance is predicted to be around 2019 levels, according to the Bank of Greece’s (BoG) Interim Report on Monetary Policy.
BoG analysts expect 5.0 percent growth in 2022 and 3.9 percent growth in 2023, based on robust international tourism, eurozone recovery, and increased investment.
The interim report focused its evaluation on tourist success in 2021, which surpassed forecasts and somewhat offset Covid-19 sector losses.
Indicatively, travel revenues increased to 10.2 billion euros in January-October 2021, with arrivals reaching 13,763 thousand, with the Omicron variation halting the trend in December.
According to BoG analysts, tourist income will continue to expand in 2022 and 2023, boosting the Greek economy. The study also mentions the sector’s essential significance as an economic engine owing to considerable planned investments.
According to the interim study, Greece should reduce its reliance on tourism to prevent future volatility in export profits. Instead, the BoG blames the epidemic for the large decline.
Researchers say Greece must diversify its tourist offering, including increasing themed tourism and expanding markets. New export items are needed to stabilize income.
In terms of competitiveness, Greece has maintained its fourth place in the Mediterranean market, after Spain, Italy, and Turkey. Pre-pandemic 2019, the nation increased its proportion of total income and arrivals in the area.
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