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Greece Defies Economic Challenges to Rise 17 Places in Latest World Bank Doing Business Ranking

Stavros Papantonis, managing partner of Russell Bedford firm Action Auditing, comments on World Bank Doing Business report.

London, United Kingdom, November 21, 2013 --( The latest edition of the annual World Bank Doing Business report has seen Greece improve by 17 places in the ranking of the world's most business-friendly locations.

With the report now in its 11th year, Doing Business 2014: Understanding Regulations for Small and Medium-Size Enterprises analyses the impact of regulations throughout the business lifecycle across 189 jurisdictions, ranking economies on the basis of 10 indicators including ease of starting a business, and paying taxes. Russell Bedford member firms have contributed to each report’s Paying Taxes survey since 2009, contributing data on tax regulation, recent reforms, and the real costs of tax compliance worldwide.

Previously ranked in 89th place, Greece is now well inside the top 50 percent of global economies, in 72nd place. While its position in terms of ease of paying taxes is almost unchanged (up three places from last year's 56th to 53rd), the country has made impressive progress in other areas, including rising 33 places in terms of investor protection. But the impact of the current economic crisis might be directly attributable for the country's most impressive statistic: Greece is now ranked 36th of the world's easiest jurisdictions in which to start a business – up 111 places on last year.

Stavros Papantonis, managing partner of Russell Bedford member firm Action Auditing, Athens, commented: “These results are the direct result of recent reform initiatives. As the report makes clear, our improved overall ranking – and particularly the country's improved ranking for ease of starting a business – can be attributed to easier regulation, particularly in terms of registering with social security and tax authorities. However, it is encouraging that the country has held its ground vis-à-vis ease of paying taxes, this having been the one area in which more onerous regulation was introduced. We will continue to press for further reforms here to deliver a genuinely business-friendly environment for entrepreneurs."

Notes for Editors

For more information about the World Bank's Doing Business reports, please visit

About Russell Bedford International

Established in 1983, Russell Bedford International is a global network of independent firms of accountants, auditors, tax advisers and business consultants. Ranked amongst the world’s leading accounting and audit networks, Russell Bedford is represented by some 460 partners, 5000 staff and 280 offices in more than 90 countries in Europe, the Americas, the Middle East, Africa and Asia-Pacific. Russell Bedford International is a member of the IFAC Forum of Firms and a member of EGIAN, the European Group of International Accounting Networks and Associations.


Kempton Bedell-Harper
Russell Bedford International
T: +44 20 7410 0339

Stavros Papantonis
Action Auditing S.A.
T: +30 210 7217915
Contact Information
Russell Bedford International
Kempton Bedell-Harper
+44 20 7410 0339

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