Greece’s ongoing reform agenda has made the country the world’s fastest improving investment destination, confirming the growing business prospects of the country over the next several years.

The annual Business Environment Ranking by the Economist Intelligence Unit sees Greece as the country likely to see the biggest improvement in its business climate over the period 2024-2028. That translates into multiplier effects on individual economic indicators, such as the growth rate of per capita GDP, gross fixed investment and Foreign Direct Investment.

“Greece sees the biggest improvement in the business environment in our index over this period,” the report notes. “This reflects the impact of a pro-business government, led by the New Democracy party, now in its second term, that has undertaken reforms, cut taxes and boosted business confidence.”

The index measures the attractiveness of the business environment in 82 countries, based on 91 variables divided into 11 different categories. These include: political environment, macroeconomic environment, business opportunities, free market and competition policy, foreign investment policy, foreign trade, taxes, finance, labor market, infrastructure and technological readiness.

In Greece’s case, the growing availability of financing is the fastest-improving variable that will help boost future growth. That reflects the country’s return to investment grade last year, but also the dramatic turnaround in the Greek banking industry, which has slashed its stock of non-performing loans and is now being weaned off government support. In the last several months, and amid strong investor interest, the Hellenic Financial Stability Fund has completely sold off its stake in Greece’s Alpha Bank and Piraeus Bank and is expected to follow with the sale of its remaining 18% share in National Bank of Greece.

The EIU report “is further proof that our economy is moving in the right direction,” said Finance Minister Kostis Hatzidakis. “All this is not just a success of the government. It’s a great success for Greece.”