Greece at 60th position on World Bank’s list

29 October 2015
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Greece fell two places to 60th, from 58th last year, in World Bank’s list of 189 countries based on setting up and operating businesses.

The Doing Business 2015 report by World Bank records reforms made by the countries which made it easier to do business in the period from June 1, 2014 until June 1, 2015.

The report, however, showed that Greece’s ranking -compared with the best practices for business environment adopted around the world improved slightly with the distance to frontier (DTF) index rising to 68.38% from 68.30% last year.

World Bank assesses the performance of countries in 10 sectors which form business environment. Greece fell in seven sectors while it remained unchanged in the remaining three. Greek ranking fell in easiness to set up a business (54th from 50th), getting electricity power (47th from 44th), getting credit (79th from 71st), taxes (66th from 63rd), implementing contracts (132nd from 131st), protecting minority investors (47th from 44th) and clearing an enterprise (54th from 52nd). The country’s ranking remained unchanged in external commerce (27th), construction permits (60th) and real estate property transfer (144th).

The country’s international ranking on taxation fell despite the fact that corporate tax burden eased, the World Bank said in the report. The report said that five actions and 13 days were required for a company to obtain an operating license in Greece, up from 4.7 actions and 8.3 days on average in high-income OECD countries. The cost for obtaining a business license accounted for 2.2% of Greek per capita income, down from 3.2% in high-income OECD states.

The World Bank noted that a buyer needed to completed 10 different actions in Greece to complete a property transfer, a procedure requiring around 20 days and cost 4.9% of the property’s value. Court procedures to settle commercial disputes also took longer in Greece, more than any other European country, around 1.580 days.

Singapore, New Zealand, Denmark, South Korea, Hong Kong, the UK, US, Sweden, Norway and Finland topped the list of the World Bank’s Doing Business report in 2015.

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