The Effects of Economic Crisis on Greek Entrepreneurship

Hosted by the Hellenic Observatory

CaƱada Blanch Room COW 1.11 Cowdray House, LSE


Dr Jessie Voumvaki

Dr Jessie Voumvaki


Dr Vassilis Monastiriotis

Dr Vassilis Monastiriotis

Greek SMEs – which generate ¼ of Greek GDP and cover 45 per cent of the country’s employment – have been hit hard during the past decade by a perfect storm (i.e. sharp decrease of domestic demand, high political uncertainty, tight credit conditions and imposition of capital controls). With the segment’s production having being reduced by almost 50 per cent during the crisis years, the surviving Greek SMEs are currently facing the great challenge of operational transformation to higher competitive standards. This presentation explores the fundamental changes of Greek entrepreneurship in terms of extroversion, strategic reorientation, cost cutting and digital advancement. Special focus is given to the impact of the company’s size to its competitive advantage and resilience as well as to the identification of the sectors with high growth potential. The seminar concludes with an analysis of the significant threat posed by the current phenomenon of relocation abroad – mainly concerning the most dynamic Greek SMEs - and its effects on the Greek economy.

Dr Jessie Voumvaki is a senior economist and the Head of Entrepreneurship and Business Analysis in the Economic Analysis Department of the National Bank of Greece. She is the research coordinator of the “Greek SMEs survey” which reports “NBG Business Confidence Indicator for SMEs” and provides analysis on various special issues on Greek entrepreneurship. She also coordinates the publication of NBG’s sectoral studies, with topics ranging from traditional growth drivers (such as tourism) to potential rising stars (such as higher education). She is the representative of Hellenic Bank Association to the Business Finance Committ e (BFC) of the European Banking Federation and a member of the Export Working Group of the Hellenic Federation of Enterprises (SEV).

Dr Vassilis Monastiriotis is Associate Professor in the Political Economy of South East Europe at the LSE.


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