Published on : Wednesday, September 11, 2019
GreeceThe tax competitiveness of the Greek tourism product needs to be restored, while the short-term rentals market should be synchronized and an efficient national strategic plan for the sector is needed “ahead of the observed slump in demand from our traditional markets,” as per a report published by the Institute of the Greek Tourism Confederation (INSETE).
“Having achieved remarkable growth during the crisis, tourism greatly contributed toward the recovery of the Greek economy and its return to growth. This course has been complemented by a major increase in employment,” said the report titled “The Greek Economy: Growth and Economic Policy after Exiting the Bailouts.”
INSETE evaluated that incoming tourism in the decade of the crisis, from 2009 to last year, contributed about 125 billion Euros to the Greek economy.
Earnings from incoming tourism increased by around 50 percent from 2012 to 2018, while employment in the sector increased by 12.7 percent from 2009 to 2018, unlike the rest of the economy, where employment saw decline of 18.2 percent over the same period.
INSETE in its report cites “the need to adopt a new economic policy package, to apply from 2019 to 2021, that will include a rationalized sum of measures to reduce over taxation and increase growth and social expenditure.”