Greece’s Attractiveness Score for Private Business Ventures Rises

Source: PwC

Greece is emerging as an attractive destination to do business improving its attractiveness score in 2022, according the results of the “EMEA Private Business Attractiveness Index 2022” survey released by PricewaterhouseCoopers (PwC).

More specifically, Greece moved up three spots compared to 2021 with a score of 35.9/100 compared to 32.8/100 last year. PwC analysts attribute the rise improved performance in macroeconomic environment and growth prospects as well as ESG (Environmental, social, and corporate governance) metrics.

According to the survey, Greece scores high in:

– macroeconomic environment: GDP growth of 8.3 percent places Greece in 4th place in the ranking, higher than most leading countries and the estimated growth of 4 percent secures the 8th place. “Strengths” include high levels of consumer confidence and productivity growth (ranked 7th on both criteria)
– Greece ranks 1^st in ESG metrics for a 20.6 percent reduction in CO2 emissions 
– public health: Greece’s Covid-19 vaccination program was rated as one of the most effective of all the countries examined. Greece also has a life expectancy index of 81.1 years, which puts it in the top half of the ranking.

Challenges

Source: PwC

On the downside, challenges for Greece include:

– having the largest gender pay gaps. Greece ranks 31st in this area and also has a low score in corruption
– private business landscape: Greece has a small number of investors and low mergers and acquisitions activity, ranking 23rd
– high levels of inflation.

Other areas that need further improvement include education, skills development, licensing procedures and public health.

PwC’s EMEA Private Business Attractiveness Index examines the attractiveness of 33 countries with rankings based on scores obtained across 51 metrics in eight different categories.

Eleven countries in Europe top the list, namely Switzerland, the UK, Sweden, Germany, Denmark, the Netherlands, Ireland, Finland, France, Norway and Luxembourg.

PwC in Greece is the largest professional services (assurance, advisory and tax) firm in the country.