ECONOMY

Greece gets ever more competitive

greece-gets-ever-more-competitive

Greece further improved its ranking last year in the global competitiveness chart drafted by the Institute for Management Development (IMD), climbing to 46th in the world in terms of its policies and the course of the country in 2020.

Greece rose three spots among 64 countries from 49th in the previous chart, which concerned 2019.

The adaptability of government policy to the emergency generated by the pandemic, the reforms, as well as the efficiency of enterprises amid last year’s adverse conditions were the main reasons for the improvement in Greece’s competitiveness. Notably, the country has risen a total of 12 spots in just two years.

Of course some drawbacks remain in Greece, with their obliteration appearing more difficult after the pandemic. These include the national debt, with the country ranking 62nd, the credit rating (57th) and the gross fixed capital formation, where Greece is second to bottom (63rd).

These drawbacks are to blame for the fact that Greece – despite its relative improvement in the global chart – remains low-ranked compared with its fellow European Union states: It ranks 21st among 26 countries (not including Malta).