Industry revenue of »business and other management consultancy activities« in Greece 2011-2023

Greece never actually recovered from the 2008 financial crisis even after receiving large bailout packages from global financial institutions. The country’s national debt currently stands at around 370 billion U.S. dollars and is expected to marginally increase over the short to medium term. After years of austerity, recession and stagnation, the economy was finally showing some signs of progress, when the Covid-19 outbreak hit. According to latest forecasts by the International Monetary Fund (IMF), the country’s GDP is expected to fall by 10% in 2020. This is expected to have a direct impact on the management consultancy industry which is expected to exhibit a sharp decline over the short to medium term, with revenues falling from 1.4 billion U.S. dollars in 2018 to only 766 million in 2023. Another reason for this decline is its complex business environment with Greece ranked as the most complex business jurisdiction for entrepreneurs and companies, according to a study by TMF Group, a provider of administrative services. IT consulting is the only segment that had a pre coronavirus positive growth estimate with revenues increasing from 43.6 million U.S. dollars in 2018 to 48.2 million U.S. dollars in 2021.