After attending AmCham Greece’s latest Greek Economic Summit, GES 2024, a group of students from Deree – The American College of Greece co-authored an article outlining the summit’s themes and takeaways. The following is an abridged version of their article.
Increasing multipolarity and major technological advances are intensifying the impact of economic and geopolitical uncertainty on the world economy and international relations, as seen with Russia’s invasion of Ukraine, tensions in the Middle East, the COVID-19 pandemic, and the march of AI. Policymakers are called upon to act swiftly to mitigate such impacts — yet while government interventions may be helpful in the short term, they also introduce a lot of uncertainty across industries in the long run. In the context of this new reality, the American-Hellenic Chamber of Commerce’s 35th annual Greek Economic Summit, GES 2024, explored some of the foremost challenges facing the Greek economy today, from population aging and the changing job market to industrial innovation and tourism.
Among the topics discussed was the development of a new economic model that will support high-quality exports and innovation, stabilize tourism, revive shipbuilding, and create well-paying jobs. Non-performing loans, lingering financial constraints from the crisis, and limited access to funding were identified as key obstacles. Minister of Economy and Finance Kostis Hatzidakis underlined the importance of consistent fiscal policy and a pro-investment approach, while others also pointed to the crucial role of investment projects, promoting the circular economy, supporting Greek SMEs, and reversing the brain drain in driving economic recovery and international competitiveness.
Digitalization and AI were also key themes at the summit, with discussions centering on how AI is set to revolutionize corporate strategy and workforce development, necessitating the introduction of appropriate governance frameworks alongside appropriate regulation and preparedness. Speakers also discussed the green transformation, focusing on reducing CO2 emissions and shifting to renewables. Greece’s demographic challenge was another key topic, with the government urged to create more favorable economic, societal, and cultural conditions to help reverse the declining birth rate.
Shipping, crucial to global trade, featured prominently on the summit’s agenda. Speakers discussed key challenges, such as risks of a global recession, inflation, changing demand patterns, and the impact of political shifts on volatile freight markets, and emphasized how AI and automation are transforming the industry, noting the need for significant investments in digital infrastructure and workforce development in order to make the most of the opportunities created. Changes to the EU’s regulatory landscape and geopolitical strategies and the continued focus on sustainability were also identified as key factors reshaping the industry.
Tourism, the cornerstone of Greece’s economy, which has been growing rapidly in the post-COVID era, is another key sector impacted by geopolitical and economic uncertainty. Acknowledging that tourist preferences are shifting toward new destinations and experiences, discussions highlighted Greece’s shift toward year-round and sustainable tourism and emphasized the importance of creating destination management organizations (DMOs) and leveraging AI to improve services and attract younger travelers.
Across sectors and areas of interest, GES 2024 pointed to the need to prioritize innovation, resilience, sustainability, and cooperation in order to navigate the rapid technological and geopolitical shifts that are driving economic transformation. Underscoring the interconnectedness of technology, economics, and society, the summit emphasized the pressing need for proactive, collaborative approaches to foster sustainable and inclusive global progress. Interventions are needed in the form of a regulatory framework and policies that mitigate risks, promote transparency and fairness, and foster stability and predictability in order to boost resilience and competitiveness, attract investment, enhance market efficiency, and facilitate trade.
1 Under the supervision of Assistant Professor in Economics Panagiotis Palaios