Greece competitiveness drops in WEF survey

Greece has seen its competitiveness drop five places to 86th in a list of 138 countries, according to the Global Competitiveness Report 2016-17 released by the World Economic Forum (WEF) on Wednesday.

Policy instability, high tax rates and inefficient government bureaucracy were identified as "most problematic factors for doing business," according to the survey. Other obstacles were access to financing, tax regulations and government instability.

Switzerland, Singapore and the United States remain the three world's most competitive economies, according to the report.

"Declining openness in the global economy is harming competitiveness and making it harder for leaders to drive sustainable, inclusive growth," said Klaus Schwab, WEF founder and executive chairman.