Operating on ‘accordion’ mode

The so-called "accordion lockdown" may be testing the patience and stamina of entrepreneurs, who are forced to revise their plans and operations every now and then, but at least it secures some turnover, so it is better than a complete months-long lockdown, say economists who have observed its international application in the last few months.

It has been noted that the demand suppressed during the shutdown period then re-emerges substantially, covering a significant share of the losses incurred by the market. Economists note that this was proven in practice over the Christmas season, when the reopening of stores in most European markets allowed for the containment of the economic contraction.

"Everyone would prefer to exhaust the possibility of opening so they can make the most of the accumulated demand," says National Bank of Greece chief economist Nikos Magginas,...