Greece ranked 57th among 60 countries in the World Competitiveness Yearbook (WCY), published by IMD, losing three places compared with last year, the Federation of Northern Greece Industry (SBBE) said in an announcement on Wednesday.
Greece fell to the bottom of the list (ranking 60th from 59th in 2013) in the category of economic performance and lost ground in the categories of government efficiency (57th from 56th), corporate efficiency (54th from 47th in 2013) and infrastructure (39th from 35th).
This negative trend is attributed to a declining course of basic macro-economic data of the Greek economy this year, a stalemate in investments and the unemployment rate, SBBE, releasing the IMD’s Yearbook.
“A study of Greek performance, both in total and in sector indexes, proves an ‘unstable’ competitiveness behavior, evidence that the economy remains fragile and basically vulnerable to international competition,” SBBE said in the announcement. In order to reverse this trend, SBBE added, the country’s business world demanded a “steady government commitment to promoting reforms, which will boost the country’s credibility and lift any disbelief among foreign investors and our partners about the country’s future.” At the same time, it recommended that a new National Strategic Benchmark Programme have a clear “regional dimension”.
SBBE noted that, based on Greece’s performance in the 338 indexes of the IMD Yearbook, the institute said the country faced five challenges towards improving its competitiveness this year. These are:
1. Strengthening liquidity in the private sector
2. Attracting and implementing foreign and domestic investments
3. Simplifying a legal framework for business activity, cutting oversized administration costs
4. Reconstructing and restructuring the domestic productive system and
5. Combating tax evasion and social contribution evasion.
The United States remained at the top of the Competitiveness Yearbook for 2014, for the second successive year, followed by Switzerland and Singapore.