Greece Tumbles Near to Last on IMD Competitiveness List

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
2	Hong Kong SAR	2	–	–
3	USA	1	-2
4	Switzerland	5	+1
5	UAE	7	+2
6	Netherlands	4	-2
7	Ireland	12	+5
8	Denmark	6	-2
9	Sweden	9	–	–
10	Qatar	14	+4
11	Norway	8	-3
12	Luxembourg	11	-1
13	Canada	10	-3
14	China	13	-1
15	Finland	16	+1
16	Taiwan, China	17	+1
17	Germany	15	-2
18	Australia	19	+1
19	Austria	18	-1
20	Iceland	24	+4
21	New Zealand	23	+2
22	Malaysia	22	–	–
23	United Kingdom	20	-3
24	Israel	21	-3
25	Thailand	30	+5
26	Saudi Arabia	39	+13
27	Belgium	26	-1
28	Korea Rep.	27	-1
29	Lithuania	32	+3
30	Japan	25	-5
31	France	28	-3
32	Indonesia	43	+11
33	Czech Republic	29	-4
34	Kazakhstan	38	+4
35	Estonia	31	-4
36	Spain	36	–	–
37	Slovenia	37	–	–
38	Poland	34	-4
39	Portugal	33	-6
40	Latvia	40	–	–
41	Cyprus	41	–	–
42	Chile	35	-7
43	India	44	+1
44	Italy	42	-2
45	Russia	45	–	–
46	Philippines	50	+4
47	Hungary	47	–	–
48	Bulgaria	48	–	–
49	Romania	49	–	–
50	Mexico	51	+1
51	Turkey	46	-5
52	Colombia	58	+6
53	Slovak Republic	55	+2
54	Ukraine	59	+5
55	Peru	54	-1
56	South Africa	53	-3
57	Jordan	52	-5
58	Greece	57	-1
59	Brazil	60	+1
60	Croatia	61	+1
61	Argentina	56	-5
62	Mongolia	62	–	–
63	Venezuela	63	–	–