Greece’s red tape and lack of wage flexibility is considered to be among the worst in the world, according to a new index compiled by the World Economic Forum (WEF).

Greece slipped four places to 71st on a global competitiveness index ranking 133 nations with inefficient government bureaucracy, restrictive labour regulations and corruption listed as the "most problematic factors" for the country.

Greece was given the lowest score among all its EU peers, placing the country some 20 positions below the second last EU member, Malta.

Latvia, Kazakhstan, Botswana and Uruguay were all judged to be more competitive than Greece.

On the heels of the devastating news by the WEF, another survey showed that Greece has become a less friendly country in which to run a business.

According to a survey compiled by the World Bank on the ease of doing business in 183 countries, Greece fell to the 109th position, down nine places from last year.

Under the headings of "starting a new business" and "employing workers," Greece fared even worse, finishing in 140th place and l47th place, respectively.

The survey ranks the world's economies based on 10 indicators of business regulation, assessing the time and cost to meet government requirements in starting, operating and closing a business.

In sharp contrast, Turkey came in at the more respectable 73rd spot, and even countries such as Croatia, Kenya, Latvia, and Pakistan finished ahead of Greece. Singapore was found to be the easiest place for doing business, while the USA and the UK were 4th and 5th, respectively.