From tourism to an innovative economy

Greece's tourism receipts have increased significantly in the past few years, jumping from €9.5 billion in 2010 to €20.5 in 2023, with a further rise of 10% expected this year. Tourism provided precious revenue during the economic crisis, while the expected increase in receipts will also benefit this year's gross domestic product.

However, our economy's reliance on tourism is still excessive, with 17% of the workforce being employed in the tourism or closely related sectors. This is three times the European Union average and more than double other tourism-intensive countries like Spain, Italy, Croatia and Portugal.

So, what should tourism's place be in Greece's production model? Is this excessive dependence on tourism the result of the country's comparative advantages, which dictate the direction of our market forces? The answer, for two reasons, is "no," as we...