According to the data of the International Institute for Management Development (IMD) of Switzerland published today, Greece’s competitive position shows a marginal decline this year by only one position (-1) compared to last year ‘s ranking, as noted in its analysis by the Association Of Industries of Greece.
The country is now in 47th place in the relevant ranking, falling from 46th place last year, among 63 countries.
In any case, the country for another year is in positions of low competitiveness, but having improved its position from 2018 until today by 10 positions.
Despite the severe health crisis, Greece is falling marginally by only one place in the international competitiveness ranking. At the same time, despite the country’s marginal decline in the world rankings, the country’s overall score has improved.
Greece is still ranked low in the Global Competitiveness Yearbook. Greece’s low competitiveness stems from the decline in three of the four categories of indicators of the methodology of the IMD World Competitiveness Yearbook. In particular, the country shows a decline in the category of “Government Efficiency” indicators by three (3) positions, in the category of “Business Efficiency” indicators, by two (2) positions and in the category of “Infrastructure” where there is also a decline by two (2) positions.
Only in the category of “Economic Efficiency” indicators, our country improves its ranking by one (1) position, mainly thanks to the improvement of performance in the individual indicators related to “International Trade”. The strong differentiation that the country shows both in terms of markets and in terms of products, as well as the significant increase recorded in the exports of products, largely feed the rise of the country by 22 places (from 39th in 2021, to 17th in 2022) in the subcategory of indicators “International Trade”. This highlights the potential that the practical support of manufacturing and industry for the production of internationally marketable products of high added value can offer to the development of the country.
Ath. Savvakis: Continuation of reforms to further improve Greece’s position
“The new form of globalization requires governments and businesses with high reflexes to adapt to the new data. the president of SVE, Athanasios Savvakis, commenting on this year’s results of the IMD Global Competitiveness Yearbook.
“Addressing the inflationary pressures that the country is facing is the determining factor for strengthening its competitiveness in the coming years, since the main criterion for the competition of Greek products in foreign markets is cost”, says Mr. Savvakis and adds: “Also , the revival of geopolitical tensions makes it imperative to create important alliances at national and business level, to shield the country from future threats of any kind.
In this uncertain world environment, the Greek Government has responded positively to tackling the multilevel crises of the last three years. This is reflected in the improvement of the competitiveness of the Greek economy by 10 positions from 2018 to 2022.
According to SBE, for the further improvement of our country’s position in the international competitiveness ranking, a basic condition is the continuation of the reforms in the economy and the return of the processing to the priority of support from the state.
In this context, we propose to address the following five (5) challenges immediately:
1. The introduction of special programs for the adaptation of the domestic industrial base in order to successfully face the challenges that will arise from the 4th industrial revolution.
2. The development of industry executives and professionals with technical skills.
3. The adaptation of local industrial ecosystems to the principles of energy efficiency and cyclical economy.
4. The introduction of educational programs that will support the adaptation of the Greek economy to the digital and green transition, and,
5. The attraction of Foreign Direct Investments, utilizing the implementation of emblematic foreign investments to date.