Greece fell to the 90th place in the global competitiveness list of the World Economic Forum for 2011, losing seven places from 83rd in the previous year.
The WEF report, released on Wednesday, said that Greece’s lower ranking reflected a further decline of the macro-economic environment index to the 140th place, among 142 countries in the report, and the decline of the financial markets index to the 110th position. The country’s index of evaluating public institutions remained at low levels (89), while another negative factor was a non-efficient labour market (126), which highlights the significance of recent efforts towards raising retirement age and promoting flexibility in labour markets.
On the other hand, the report noted that Greece could count on its efforts to overcome current difficulties, with a series of “strong cards”, such as a well-trained workforce, capable to adapt to new technologies which boost productivity. Greece enjoyed improved rankings in the market size index (42nd), health and basic education (37th), infrastructure (45th), higher education (46th) and technological preparedness (47th).
The WEF report said that that factors causing the biggest difficulties in foreign investments were: inefficient state bureaucracy (22.1 pct), access to funding (13.8 pct), corruption (13 pct), tax policy (11.8 pct), political instability (10.6 pct), tax factors (8.5 pct) and limitations in the labour market (8.2 pct).
Switzerland remained at the top of this year’s list, followed by Singapore, Sweden, Finland, the US, Germany, Holland, Denmark, Japan and the UK.