ECONOMY

Greece ranks top in reform chart, OECD report says

Greece was the leading country in terms of reforms in 2010 and 2011 among the member states of the Organization for Economic Cooperation and Development, an OECD report showed this week.

With the top degree in promoting reforms being 1.00 and the neutral degree at 0.00, Greece grabbed a 0.68 coefficient. This is attributed to the fact that in the previous two-year period (2008-09) there was very little done in the way of reforms. Consequently even the reforms that actually took place made a significant difference, according to the way OECD rates it.

Notably, Germany ranks last with a -0.22 coefficient, while other countries in negative territory were Switzerland, Luxembourg and Belgium.

?It appears that the pace of reforms has accelerated where it was most needed,? commented the OECD report. ?The need was greater in the European countries damaged by the debt crisis, i.e. Greece, Ireland, Portugal, and more recently Spain and Italy.?