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Oct 10, 2019

Hungary ranks 47th on annual competitiveness ranking compiled by the World Economic Forum

Hungary moved up one spot on the index from last year, when the ranking included 140 countries opposed to the 141 appearing this year.

Hungary has ranked 47th on the highly prestigious annual competitiveness ranking compiled by the World Economic Forum (WEF).

Hungary moved up one spot on the index from last year, when the ranking included 140 countries opposed to the 141 appearing this year.

According to MTI, Hungary’s score on this year’s Global Competitiveness Index was 65.1 on a scale of 0-100, up from 64.3 a year earlier.

The country’s score for institutions rose to 55.7 from 54.2, its score for infrastructure climbed to 80.7 from 78.4, and the score for macroeconomic stability was unchanged at 90.0.

Hungary’s score in the area of human capital rose to 74.8 from 73.3, and in the area of markets edged up to 58.8 from 58.4.

Hungary stands ahead of Bulgaria (49th) and Romania (51st) in the overall rankings.

Commenting on the rankings, the Hungarian finance ministry said the score is an acknowledgement of Hungarian economic policy which aims to further improve competitiveness while maintaining macroeconomic stability. The improved ranking was chiefly thanks to improvement in the corporate environment, macroeconomic stability, the labor market and infrastructure.

The ministry noted that the Program for a More Competitive Hungary, accepted in 2018, identified six sectors to improve competitiveness: taxation, employment, the public sector, healthcare, education and corporate environment.

The most important aims in economic policy in the coming years will be to further improve competitiveness and productivity. The government’s economy and family protection schemes, while having a beneficial effect on society, also boost economic growth, the ministry said.