BUSINESS

Greece ranks last in terms of viability

TAGS: Economy, Politics, Survey

The German Bertelsmann Foundation has ranked Greece last among 41 countries in terms of its future viability with regard to economic policies.

According to its annual Sustainable Governance Indicators (SGI), which examine the future viability of Organization for Economic Cooperation and Development and European Union member-states, Greece’s bottom place is attributed to a shrinking GDP per capita, “excruciatingly high” unemployment rates – due to the leftist-led coalition’s focus on the public sector at the expense of private investment – and an “incoherent tax policy despite some progress on tax evasion.”

“Sustained austerity has produced primary budget surpluses, though recent policies have put this at risk,” the SGI said.

Greece was also ranked poorly in 35th place for social policy, with regard to income inequality, the destabilized pension system – due to high unemployment rates – and inequities in access to universities, which the SGI says, are of “varying quality, and fail to reflect labor market needs.” Greece placed 28th with regard to the quality of its democracy – “despite free and fair electoral procedures.”

The SGI ranked Nordic countries as the most viable in the future but noted that their dominance is wavering as a result of growing inequality in the region.

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