connect with us
Travel & Tourism industry news by Greek Travel Pages (gtp)

Greece Tumbles Near to Last on IMD Competitiveness List

Athens, Greece. Photo Source: Visit Greece / Y. Skoulas

Athens, Greece. Photo Source: Visit Greece / Y. Skoulas

Greece still needs to do plenty to become a competitive economy, according to annual rankings released this week by the Switzerland-based IMD World Competitiveness Center.

Greece is almost last on the list at number 58 out of 63 world economies, second worst in the EU after Croatia (60th), and below countries such as Jordan, Mongolia and Venezuela, based on 235 relevant indicators, including economic performance, infrastructure, government efficiency, business efficiency, supportive atmosphere for scientific and technological innovation.

Greece has been on downward course in the rankings for several years now, tumbling one more slot this year from 57 in 2017, after dropping six more ranks in 2016.  The report presents data on 63 economies based on 260 indicators.

Greece is next to last with regards tax policy (60) and institutional framework (57), employment, inflation and trade, while getting higher points for efficiency of governance, social policy (51), and business law (52).

According to the IMD, key challenges needing to be addressed include improving business climate by adopting growth-friendly tax policies, doing away with obstacles delaying investment implementation, facilitating private sector cash flow, boosting employment through pro-industry policies, and reforming the social security system for a more sustainable future.

Overall, for the first time in nine years, Singapore ousted the US from the top, ranking first as the world’s most competitive economy on the IMD listing, followed by Hong Kong, and the US in the top three, and completing the top five were Switzerland and UAE.

Greece held the 46th spot in 2010 before it sought financial rescue by the EU and the International Monetary Fund, and after entering its bailout era nosedived 10 slots.

IMD World Competitive Ranking 2019

1 Singapore 3 +2 image
2 Hong Kong SAR 2
3 USA 1 -2 image
4 Switzerland 5 +1 image
5 UAE 7 +2 image
6 Netherlands 4 -2 image
7 Ireland 12 +5 image
8 Denmark 6 -2 image
9 Sweden 9
10 Qatar 14 +4 image
11 Norway 8 -3 image
12 Luxembourg 11 -1 image
13 Canada 10 -3 image
14 China 13 -1 image
15 Finland 16 +1 image
16 Taiwan, China 17 +1 image
17 Germany 15 -2 image
18 Australia 19 +1 image
19 Austria 18 -1 image
20 Iceland 24 +4 image
21 New Zealand 23 +2 image
22 Malaysia 22
23 United Kingdom 20 -3 image
24 Israel 21 -3 image
25 Thailand 30 +5 image
26 Saudi Arabia 39 +13 image
27 Belgium 26 -1 image
28 Korea Rep. 27 -1 image
29 Lithuania 32 +3 image
30 Japan 25 -5 image
31 France 28 -3 image
32 Indonesia 43 +11 image
33 Czech Republic 29 -4 image
34 Kazakhstan 38 +4 image
35 Estonia 31 -4 image
36 Spain 36
37 Slovenia 37
38 Poland 34 -4 image
39 Portugal 33 -6 image
40 Latvia 40
41 Cyprus 41
42 Chile 35 -7 image
43 India 44 +1 image
44 Italy 42 -2 image
45 Russia 45
46 Philippines 50 +4 image
47 Hungary 47
48 Bulgaria 48
49 Romania 49
50 Mexico 51 +1 image
51 Turkey 46 -5 image
52 Colombia 58 +6 image
53 Slovak Republic 55 +2 image
54 Ukraine 59 +5 image
55 Peru 54 -1 image
56 South Africa 53 -3 image
57 Jordan 52 -5 image
58 Greece 57 -1 image
59 Brazil 60 +1 image
60 Croatia 61 +1 image
61 Argentina 56 -5 image
62 Mongolia 62
63 Venezuela 63
About the Author
This is the team byline for GTP. The copyrights for these articles are owned by GTP. They may not be redistributed without the permission of the owner.

Related Articles

Add your comment

*