The World Bank has published a Doing Business index, which has showed, very unsurprisingly, that doing business in Greece remains a tough challenge with many obstacles. When the country should be doing all it can to make the path easier as it struggles to climb out of its economic turmoil, bureaucracy is still rife.
The report placed Greece 67th out of 190 countries, falling by six places since last year. Ten indicators were tested in order to arrive at the overall score. Greece scored best in trading across borders at 29 out of 190, and worst in registering property with a score of 145. Overall, Greece lost ground in six out of the 10 indicators compared to last year.
Simeon Djankov, a senior fellow economist at the Peterson Institute for International Economics in Washington DC, who presented the findings, gave his thoughts to the Kathimerini: “There has been a certain complacency in Greece after 2012-2015 when all Southern European countries made significant improvements in Doing Business,” he said “Of the PIGS (Portugal, Italy, Greece and Spain) Italy and Spain have continued to improve business regulation, while Greece has not. The slippage in the rank is likely to continue, as other countries, particularly in Asia, are gaining ground. To even maintain ranking, a country needs to keep improving,”
It seems that a renewed reform effort will be needed for the country to start climbing up the Doing Business ranking, but also for firms or potential investors to feel that they can be rewarded adequately for their efforts.