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Economy

Greek Small Businesses Expect to Be Hit by COVID-19, See Opportunities

ATHENS – Executives in Greek small- and medium-sized enterprises expect a decline in revenue (61 pct) and a lack of liquidity (47 pct) as possible consequences of the coronavirus pandemic, but they also see opportunities, such as seeking new activities (60 pct), changing their business model and strategy (56 pct) and reviewing their digital strategy (46 pct).

These were the results of a webcast to present "Advice for Small Business – ASB", a programme subsidised by the European Bank for Reconstruction and Development (EBRD) and organised by the Athens Chamber of Commerce and Industry (ACCI) and Ernst & Young Greece, in cooperation with the EBRD.

Greek SMEs said their main concern was a possible global recessoin (69 pct) and liquidity problems (62 pct), while around eight in 10 enterprises (82.5 pct) expect a decline in revenue and 17.5 pct expect an increase.

Constantinos Michalos, president of the ACCI, in his address, emphasised the importance and added value offered by the EBRD's efforts to support Greek SMEs and expressed the hope that enterprises will seize this opportunity to safeguard their positive response to the challenges ahead. Dimitra Papandreou, head of the EBRD's advisory services to SMEs said the programme is subsidised by the bank, covering up to 70-75 pct of the total sum.

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