Hungary has ranked 39th on the list of the world’s most competitive economies, up three places from last year.
Citing information from the Swiss competitiveness research institute IMD, Finance Minister Mihály Varga said that since 2017, Hungary has improved its position by 13 places. Concerning the National Competitiveness Council, whose tasks have recently been transferred to the economic development ministry, Varga said its work had helped the government implement significant tax cuts and reduction in red tape, and take measures aimed at promoting electronic procedures and simplifying the administration of employment and investments. All those measures have contributed significantly to the country’s improving competitiveness, he said, noting that Hungary was ahead of Slovakia and Poland in the competitiveness ranking, but added that “there is still room for further improvement”.
Photo credit: Facebook/Varga Mihály