ECONOMY

Greece becomes a better place for doing business, according to World Bank report

Greece has climbed to the 74th spot among 189 countries surveyed by the World Bank in its Doing Business 2014 report, up from 89th place last year.

Greece also ranked highly in the starting a business category, which saw it at 36th place, as well as in trading across borders, where it ranked 52nd, as efforts to cut red tape and facilitate investments appear to be bearing fruit.

Where the crisis-hit nation did not do too well among the 10 indices used by the World Bank to assess the overall business climate in 189 countries is in dealing with construction permits (66th place), enforcing contracts (98th) and registering property (161st).

It also performed poorly in the paying taxes category at 53rd place, with the World Bank estimating that businesses need to make up to eight tax payments per year amounting to 44 percent of profits and spending 193 hours a years in the process.