Hungary has kept its position in the IMD international competitiveness rankings despite the global pandemic. Hungary remains an attractive international investment destination, and its most important relative advantages include the fact that it is one of the fastest growing economies in the European Union, offers competitive tax regulations and has a skilled workforce.

The survey by the Swiss Institute for Management Development (IMD) manager training and economic research institute put Singapore in first place, with Switzerland and Denmark coming in second and third. Hungary’s position has not changed compared to 2018: it remains at 47th place in the rankings. This year’s figures clearly mirror the recent economic results and measures: Hungary advanced 5 places to 18th place in the rankings when it comes to domestic economy, its best result to date, thanks to its rapid growth and high investment rate. It also moved up 23 places (to 40th place) with relation to international investments, while on the employment scale it advanced 14 spots to 20th place thanks to its high employment rate and falling rate of unemployment.

Prior to the outbreak of the coronavirus pandemic, the Hungarian economy was one of the European Union’s most rapidly growing economies, boasting a permanently high rate of growth while also maintaining a healthy structure, strict fiscal management and declining public debt. The priority goal is now to mitigate the damage caused by the coronavirus and to reboot the economy, with the government wishing to protect jobs, help companies survive and assure a continue living for families through the introduction of precisely targeted economic development measures.

In the interest of realising these goals, the National Competitiveness Council is also continuing its work, and has already succeeded in improving the country’s competitiveness within several fields through its efforts.

(Ministry of Finance/MTI)