ATHENS – Slowly clawing its way out of the COVID-19 pandemic with vaccinations, Greece's staggered economy – hit hard by lockdowns – is getting better as well and its ranking in competitiveness has risen.

A review by the Institute for Management Development (IMD) put Greece at 46^th in the world in 2020 when the pandemic was raging, jumping up three spots from 2019 when the business-friendly New Democracy took power.

The reasons cited were business reforms such as lowering the corporate tax as the rebound has picked up with the Conservatives administration, rising 12 spots in the last two years.

The news isn't all good as the national debt – rescued with three international bailouts of 326 billion euros ($387.57 billion) – is still problematic as it failed to slow the rising amount of money owed.

While the credit rating is improving it's only 57^th and Greece is second to last in the gross fixed capital formation, said Kathimerini. Those factors have held down the country's standing in the European Union where it's 21^st among 26 countries, Malta not included.