BUSINESS

Competitiveness in Greece fails to improve

DIMITRA MANIFAVA

Greece dropped for a fourth year in the IMD World Competitiveness Ranking’s infrastructure index.

TAGS: Economy

The Greek economy’s competitiveness remains weak, illustrating that the mix of reforms and fiscal policy has not fetched the anticipated results.

The 2018 IMD World Competitiveness Ranking, drawn up by the Swiss-based International Institute for Management Development and published on Thursday, showed Greece languishing in 57th position among 63 countries monitored – the same as last year.

Greece has remained in this low spot since the outbreak of the financial crisis, with the exception of 2014, as the 2015 chart put it in 50th position.

This low position came after examining a total of 260 quantitative and qualitative indicators, split into four main categories from which four indices stem. In the economic performance index Greece ranked 61st; in government efficiency Greece also ranked 61st, or third from bottom; in the corporate efficiency index Greece climbed two spots from 59th to 57th, while in the infrastructure index Greece fell from 39th to 40th, dropping for a fourth year in succession.

The IMD report says Greece must adopt a growth-friendly tax policy, restructure its production system, bolster cash flow, overcome obstacles hampering investments and speed up privatizations.

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