Greece Competitiveness Slumps in IMD 2016 Rankings

Greece’s competitiveness ranking plunged by six spots bringing it in the 56th position among a total of 61 countries, according to the International Institute for Management Development (IMD) yearbook 2016 results released on Monday.

The IMD business school in Lausanne, Switzerland, carried out its annual World Competitiveness Yearbook survey of 61 countries based on analysis of economic performance, government efficiency, business efficiency and infrastructure. Poll findings of some 5,400 business executives was also included in the evaluation.

Hong Kong leads the 2016 edition, with Switzerland coming in second and the US third. Ireland is the best performer, leaping in competitiveness from 16th to seventh.

Greece, meanwhile, is ranked 58th out of 61 in economic performance, third from last at 59th in government efficiency, 57th in business efficiency (from 43rd spot in 2013) — attributed to lack of liquidity due to capital controls — and 38th in infrastructure (down from 35th spot in 2014). As far as financial risk and credit sector operation is concerned, Greece came in last at spot 61.

“The IMD results clearly demonstrate the damage endured by the Greek economy in the years of economic crisis,” said Athanasios Savvakis, president of the Federation of Industries of Northern Greece (FING), adding that “exiting the crisis must involve practical support of manufacturing activity, a fixed industrial policy and the removal of obstacles to everyday business operations with the sole aim of reducing operating costs”.

“If the above measures are not implemented in a timely and appropriate manner, we are confident that the damage already incurred will be irreversible a year from now,” he concluded.