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Wednesday, September 27, 2017

WEF Competitiveness Report: Greece Ranked #87 out of #137

The World Economic Forum has come out with its Global Competitiveness Report 2017-2018. Greece ranks #87 out of #137 (#86 in the previous report). Ahead of Greece are peer countries like Portugal (#42), Slovenia (#48), Bulgaria (#49), Slovakia (#59), Romania (#68), Albania (#75), Montenegro (#77) and Serbia (#78). Also ahead of Greece are non-peer countries like Marocco, Ukraine, Guatemala or Botswana.

The 5 most problematic factors for doing business in Greece were listed as:

Tax rates
Inefficient government bureaucracy
Tax regulations
Policy instability
Government instability

Inflation was listed as the least problematic factor.


Thursday, September 7, 2017

Greek Land Registration Picking Up Steam Or Falling Behind?

I had first looked into the matter of Greek land registration in May of 2013 with the following article:

One reason why foreigners shy away from investing in Greece! - May 27, 2013

Then, 2 years ago, things seemed to get moving with Greek land registration and I wrote the following articles:

Cadastral registration under way in Greece! - October 14, 2015
Delayed Land Register (Cadastre) A "National Shame"? - October 19, 2015
The Mysteries Of Greek Land Registration - November 1, 2015

Since then, I had assumed that the project was progressing satisfactorily. Until I read this article in the German Handelsblatt. To summarize its key points:

* cadastral registration is complete for only 10.000 square Km, or 7,6% of Greece's land surface.
* only 26,4% of all ownership titles have so far been properly recorded.
* in the last 4 years, when allegedly land registration was a top priority, properly recorded ownership titles have only increased vom 20,1% to 26,4% of the total, i. e. not very substantial progress.

The source of this information is a letter which EU Commissioner Pierre Moscovici sent to a member of the European Parliament. Moscovici concludes the letter on a positive note: he expresses confidence that cadastral registry will be completed by the end of 2020, the original target date. Moscovici assures us that the date is manageable and that all efforts are being undertaken to meet the target.

As I concluded one of my earlier articles: I believe it when I see it.

Tuesday, September 5, 2017

Manufacturing Sector Starts Growing!

The latest report by IHS Markit about the Greek manufacturing sector has got to be the best news in ages! It says that:

* the Greek manufacturing sector growth, i. e. the Purchasing Managers Index (PMI), climbed to the highest level since August of 2008!
* it was bolstered by BOTH domestic and foreign demand!
* and the rate of jobs growth was the sharpest in over 17-1/2 years!

I am reminded of an article which a wrote 4 months ago, titled "The Gut Says: 'Greece Is On The Rebound!'"