Financial and business news from Bulgaria

Experts: Greek tourism will recover in 2-3 years

Greece's tourism industry will take at least two or three years to recover from the COVID-19 crisis, sector officials say, quoted by the e-edition of the Athens daily Kathimerini.
This applies to tourist destinations globally, the 59 managers said in a survey conducted by Metron Analysis for hotel company DHR Services.

This is a serious problem for a country where tourism accounts for over 20% of the economy. But respondents say the country has what it takes to recover faster than others, provided investment in new hotels, resorts and infrastructure, as well as in new models of sales and operations, continue, Focus reported.

Most respondents to the survey agree that travel and spending in tourism sectors will remain this year significantly smaller than 2019, with cities facing the biggest problems: only 5% believe demand will recover to pre-pandemic levels within six months. And even under this most optimistic scenario, this year's tourist season, which state officials are pushing to begin on May 14, is rather lost.

Another 21% believe that demand for Greek destinations will recover to 2019 levels next year, 51% - in two years and 21% - in three years, while only 2% believe it will take more than three years.

Asked what factors would facilitate recovery, respondents cited more flexible cancellation policies - already in place from 2020 - attractive payment terms and better hygiene and safety in hotels.

Greece remains an attractive destination for investment, especially in higher-end hotel services. There's also a strong tendency for hotels to join the world's chains, something that guarantees their future.

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