Greece in lackluster 78th place out of 165 countries in annual index of economic freedom, based on 2019 data

Greece is among the 20 countries in the world with the largest state, comparatively, according to a new study unveiled in Greece and Cyprus on Tuesday by the Athens-based Center For Liberal Studies – Markos Dragoumis (KEFiM) think tank, in cooperation with the Fraser Institute of Canada.

The study is based on data from 2019.

According to the results, Greece is in 78th place among 165 countries in the index of economic freedom, in between Central Asia’s Kirgizstan and the neighboring North Macedonia. Nevertheless, on the bright side, the country moved up four places compared to the previous study’s rankings, as based on 2018 data.

In commenting on the results, KEFiM research director Aristidis Hatzis bemoaned the fact, as he said, that Greece still retains the most “closed” economy in the EU, one burdened by an ineffective institutional framework.

“Despite the timid reforms of the past few years, we’re still last in the EU, because our competitors are opening their markets faster and improving their institutions. If that doesn’t change, we shouldn’t have high expectations for the future,” he said.

In terms of individual rankings in the five basic categories, Greece is in 146th place in terms of the state’s size (improved by five spots from last year); in 56th place in terms of rule of law and property rights (falling four spots); in 67th place on the category of access to a strong currency (up two spots); in 57th place in the freedom of international trade category (up two spots), and finally, in 87th place in the category of regulatory environment for banking confidence, labor framework and doing business (down eight spots).