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Economy

Despite Luring Investors, Greece Ranked Most Difficult Country for Business

May 29, 2024

ATHENS – You wouldn’t know it by the number of international firms, including major Information Technology companies already in the country or wanting to gain a foothold, but Greece has been rated the most vexing country in the world for businesses. That was the finding of the professional services firm TMF Group’s annual Global Business Complexity Index (GBCI) that looked at 79 countries making up 93% of global Gross Domestic Product (GDP) and 88% of net Foreign Direct Investment (FDI) flows. After comparing 292 indicators, from how long it takes to incorporate, open a bank account as well as taxes and visa rules, Greece took the top spot for complexity over employment law changes and averaging one new regulation a week, said FDI Intelligence.

“Southern Europe and Latin America, which historically are politically quite connected, are fairly consistently the most complex places to do business,” Mark Weil, TMF Group’s Chief Executive Officer, told fDi, but Greece is the toughest.

The two regions are home to nine of the 10 most complex countries in the 2024 index. In last year’s ranking, they collectively accounted for the entire top 10. “There is a significant regional pattern to business complexity suggesting entrenched attitudes to rules and regulation,” TMF Group stated in a note accompanying the 2024 GBCI’s release. France was ranked first in complexity in 2023 but dropped to second behind Greece while two-time loser Brazil in 2021 and 2022 is now in seventh, while the least complex are the Cayman Islands, Curacao, Denmark, Hong Kong, New Zealand, The Netherlands, and the bank haven of the United Kingdom. The United States is 63rd in the rankings.

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