The Hellenic Federation of Enterprises (SEV), which represents most of Greece’s industries and large-scale employers, on Wednesday reiterated that what the crisis-bedeviled country desperately needs is an “investment tsunami”.
A report by SEV underlined that despite the apparent reform efforts of the past eight memorandum years, Greece is still struggling in terms of competitiveness and as an attraction for foreign investment.
In referring to a “gap” of 100 billion euros in lost investment over the 2009-17 period, the federation issued a “laundry list” of indices that gauge the country’s position. Specifically, Greece:
– Fell 16 spots on the World Economic Forum – Competitiveness Index in the 2008-16 period, ending up in the last-place 28th spot among EU countries.
– Fell six spots on the World Bank’s Doing Business index in 2016-17, coming in 27th out of 28 EU states.
The divergence from other European countries, according to SEV, is even more pronounced in specific competitiveness indices, as well as in terms ease of investment and entrepreneurship.
For instance, Greece:
– was in last place (137th) among surveyed countries in a World Bank report on the impact of taxation and investment mobility, with the EU average at 79th place.
– was 130th out of 137 countries in a WB index gauging administrative burdens, with the EU average at the 98th spot.
– was in 87th place (out of 137 countries) on the World Economic Forum’s (WEF) institutions index, with the EU average at the 47th spot.
– was 133rd out of 137 countries on a World Bank’s country capacity to attract talent index, with the EU average at the 68th spot.
– was in 131st place out of 190 countries in the WEF’s ” Efficiency of legal framework in settling disputes” category, with the EU average in the 32nd spot.
– recorded an average of 964 days, compared with the EU average of 271 days, on the European Scoreboard for length of time needed to settle legal disputes.
– was in 145th place on the World Bank’s land use and transfer index, with the EU average at the 48th spot.
– was 58th on the Word Bank’s index for building license procedures, with 18 steps/applications/licenses needed in the country, as opposed the EU average at the 58th spot and a European average of 13 procedures.
Finally, Greece placed in 75th place on the WEF’s index for innovation; 35rd being the European average.
