Imparting a rare piece of good news for Greece, the World Bank showed the country to have risen to 78th place from 100th in its annual competitiveness report.
The rise earned Greece the distinction of being among the 10 «most improved globally» in the rankings.
In its report which was made public on Tuesday, the World Bank interpreted Greece's achievement as a sign of progress among the debt-ridden economies of southeastern Europe.
It noted that Greece had showed progress in three key areas, by reducing the time required to get construction permits, demanding more transparency for investors and improving its process for fixing insolvent firms.
Topping the annual report, which assesses a total of 185 nations, are Hong Kong, New Zealand and the US.