Greece is the world champion in enhancing the business environment, according to a report.
According to a study released on Monday by the Economist Intelligence Unit (EIU), Greece has surpassed all other countries in the globe in terms of how much its business climate has improved in recent years.
According to the research, Greece's business environment ranking (BER) rose by 16 positions from the fourth quarter of 2019.
The EIU continues, "This significant improvement reflects its poor starting point, given a long-delayed recovery from the government debt crisis that began in 2009, but also the impact of a pro-business majority government that has undertaken reforms, cut taxes and restored confidence in the country."
The conclusions of the survey were lauded by the Greek Prime Minister Kyriakos Mitsotakis, who said it is very encouraging to see our efforts to reform the economy recognized.
"We believe in turning Greece into a business-friendly country attracting further foreign investment. Though there is more to be done, Greece is on the right path," he stated in a tweet.
The remarkable turnaround, according to Alexis Patelis, chief economic adviser to the Greek prime minister, indicates both the country's poor starting place and the effects of a pro-business majority government that has implemented reforms, lowered taxes, and restored confidence in the country.
According to the EIU survey, Greece, Qatar, the US, and the UAE have seen the most gains in their business environments during the past three years compared to before the pandemic and the war in Ukraine caused ructions. The worst-performing region, Latin America, along with Russia and Ukraine, have seen the sharpest declines.
As of the fourth quarter of 2022, it continues, Singapore is still the best place in the world to conduct business. Western Europe is still well-represented in the top 20, with Canada and the US ranking second and third, respectively.
The study also identifies two key trends: The zero-covid policy in China is damaging its business environment and prompting companies to select alternate markets while India and Indonesia have surpassed China; and second, growth and investment in other natural gas exporters, particularly in the Middle East, are being stimulated by Europe's energy transition away from dependency on Russia.
The business environment rankings use a common analytical methodology with 91 factors to quantify the appeal of the business climate in 82 nations on a quarterly basis.
Western Europe and North America continue to be the top areas in the world to conduct business, according to EIU rankings for the fourth quarter of 2022. Eastern Europe and Asia are tied for third place, with the Middle East and Africa region slightly outperforming Latin America.
By fLEXI tEAM