Greece Drops Five Places in WEF Competitiveness Ranking

Greece dropped five places in the rankings of 138 countries from 81st place to 86th in the Global Competitiveness Report 2016-2017, released by the World Economic Forum on Tuesday. The report assesses the competitiveness landscape of 138 economies, providing insight into the drivers of their productivity and prosperity.

According to the report, the most problematic factor for doing business in Greece is policy instability, followed by tax rates, inefficient government bureaucracy and access to financing.

The most problematic factors for doing business in Greece, according to the Global Competitiveness Report 2016-2017.

Switzerland tops the ranking for the eighth consecutive year and is considered the most competitive country in the world.

Singapore takes second place behind Switzerland and is followed by the US, the Netherlands, Germany, Sweden, Britain, Japan, Hong Kong and Finland.

The report, however, noted that there is a gradual loss of competitiveness at an international level due to the increase of tax and bureaucratic barriers, which exerts a negative impact on global growth.

The Global Competitiveness Report series remains the most comprehensive assessment of national competitiveness worldwide.