IMD competitiveness report shows Greek economy sliding backwards; Venezuela in last place

Thursday, 01 June 2017 10:15
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By G. Hatzilidis

The crisis-battered Greek economy fell one spot on the annual global competitiveness rankings compiled by the International Institute for Management Development (IMD), dropping from the already low position of 56 to 57 - out of a total of 63 countries surveyed.

Last year the Greek economy had dropped by six spots, the result of ceaseless economic and political uncertainty, delays in concluding bailout reviews with creditors and the continuing imposition of capital controls.  

According to results of the report, the biggest drop for the Greek economy was in the categories of “domestic economy” (60th from 54th place), “international trade” (40th from 34th) and “tax policy” (59th place from 54th).

Greece’s competitiveness is ranked higher only over countries such as Brazil, Mongolia, Argentina, strife-plagued Ukraine and last-place Venezuela.

The worsening state of the Greek economy’s competitiveness – which has been aggravated over the past two years – is linked to poor performance in three categories: economic efficiency, state effectiveness and infrastructures.  

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