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Greece Slides Further Down in Competitiveness

Greece’s ranking in the global competitiveness index of the World Economic Forum slid further down this year, according to the Global Competitiveness Report 2017-2018.
Based on updated World Economic Forum data, Greece fell to 87th place in the world rankings, behind countries such as Algeria, Sri Lanka and Balkan countries such as Albania (77th) and Bulgaria.
Greece’s overall score is 4.02 (with 7 being excellent), from 4 in the immediately preceding report, when the country was in 86th place. By comparison, the year before last, Greece ranked 81st, showing a steadily downward trend.
The most problematic factors for entrepreneurship in Greece are tax rates, bureaucracy, tax laws, political instability, government instability, access to financing, and corruption.
Greece is considered a “tax country”, as it lags way behind in the impact of taxation on investment incentives, while it is 115th in terms of the impact of government regulations on attracting foreign investment.
World Economic Forum analysts estimate that over 50% of the profits of a business, go to taxes.
Greece shows a similarly poor performance in the labor market front, where heavy taxation affects the will to work and ranks within the bottom 20 countries in terms of attracting and retaining talented workers.
The second biggest obstacle to businesses is inefficient state bureaucracy, with Greece ranking in the last seven in the efficiency of public spending, the efficiency of Justice in settlement of disputes and strict state regulations.
On the 12 criteria evaluated, Greece ranked as follows:
On institutions, Greece ranks 87th.
On infrastructure we are 38th.
In the macroeconomic environment in 117th place.
In health and basic education in 48th place.
In Higher education and vocational training in 44th place.
On product market efficiency in 93rd place.
On labor market efficiency at 110th place.
In growth of financial markets in 133rd place.
In technological readiness in 50th place.
On market size in 58th place.
In business development in 73rd place.
In innovation in 75th place.

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