Bright Horizons: Navigating Tourism's Growth Revival
Despite the harsh economic crisis, GREECE witnessed positive growth
momentum in tourist arrivals
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Tourism is a vital pillar of Greece's economy, serving as one of the nation's most significant sectors. As a top European tourist destination, Greece's
status as the most visited country has directly and indirectly contributed to nearly 20% of the country's GDP, playing a pivotal role in its economic
recovery.
Contribution
Debt to GDP
220.0%
Debt to GDP and Economic Growth (%)
GDP growth
10%
Arrivals Mn
35
Tourist Arrivals vs Tourism contribution to GDP
to GDP
14.0%
8%
210.0%
6%
200.0%
4%
2%
190.0%
0%
180.0%
-2%
170.0%
-4%
-6%
160.0%
-8%
150.0%
-10%
2017
2018
2020
2021
2022
ING
2019
IM
30
12.0%
25
10.0%
20
8.0%
15
6.0%
10
4.0%
5
2.0%
0
0.0%
2017
2018
2019
2020
2021
2022
Debt to GDP
GDP growth
Tourist arrivals (Mn)
Tourism contribution to GDP
The 'Euro Crisis' stemmed from fiscal mismanagement in countries such as; Ireland, Spain, Portugal, and Greece that benefited from economic windfalls upon, adopting the Euro which
resulted these countries to experience a recession.
The recession weakened Greece's already paltry tax revenues which caused the recession to worsen leading the country to a liquidity crisis.
The Greek government then requested bailouts totalling USD 307.2Bn from the IMF through a stand by arrangement (2010-2012) and the EFF (2012-2016) which conditioned on
budget reforms, spending cuts and higher tax revenues. In 2022, Greece has paid off the final tranches of bailout loans owed to the International Monetary Fund earlier ahead of the
deadline amidst the economic recovery and further support lent by the Euro zone.
Source: UNTWO, IMF
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