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Four positions drop for Greek economy

09 September 2009 / 12:09:29  GRReporter
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According to a report for the competitive power by the World Economy Forum, the Greek economy takes 71st place for 2009 among 134 countries. This means that the country has lost four positions since last year, when it was taking 65th place.

Based on the report, the Greek economy is the worst one after Tunis, Azerbaijan, Botswana, Kazakhstan, Montenegro, Columbia, Egypt and Turkey.

On the other hand, Greece takes 27th place among the countries with highest GDP and in terms of competitive power it ranks 25th in the EU out of "27" by letting the newest members - Bulgaria and Romania ahead of it.

The main factors for its slow-down are the "fruitless governmental bureaucracy," the "limiting" laws, corruption, the tax system, the "unstable" politics, the limitations in subsidy access and bad infrastructure.

Greece's economy structure problems become clear based on the country's low evaluation on the 12 criteria included in the World Index for Competitive Power. The country ranks 103rd based on the macroeconomic indexes, on 116th place for the effectiveness of the labor market and on 83rd for developing the financial markets.

 

Tags: NewsEconomyMarkets
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