Compared with last year, Hungary has moved up one place, and is currently ranked 47th in the World Economic Forum’s (WEF) competitiveness rankings for this year. According to the report, the higher ranking is due to the improved corporate perception of Hungary’s economic policy, the country’s macroeconomic stability, improving processes observed on the labour market and Hungary’s infrastructure.

In the latest competitiveness rankings published today of the Davos-based World Economic Forum (WEF), Hungary is ranked 47th among 141 countries included in the rankings. Compared with last year’s ranking, Hungary has moved up by 1 place. Hungary’s absolute performance, meaning its Global Competitiveness Index has improved by 0.8 point which is the best improvement among the Visegrád countries.

Compared with last year, Hungary’s competitiveness has improved in 8 areas of the 12 main competitiveness factors taken into consideration for the rankings. From among the 12 main factors, Hungary scored best in the areas of Infrastructure (27th place), Innovation capability (41st place) and Macroeconomic stability (43rd place).

We have achieved the highest move up in the case of the categories of Institutions and Labour market. Regarding the latter, the improvement of general labour market indicators and the improved corporate perception of the renewed vocational training system contributed most to the improved ranking, while the former was boosted by the improved corporate perception of the government’s economic policy.

Hungary’s performance has improved overall in more than one half of the 103 indicators examined.

This confirms the aspiration of Hungary’s economic policy to further improve the quality and competitiveness conditions of economic growth, against the maintenance of macroeconomic stability.

To this end, the National Council for Competitiveness developed and in November 2018 the Hungarian government adopted a proposal package entitled “A programme for a more competitive Hungary” which makes proposals regarding specific action in the interest of the comprehensive improvement of competitiveness in six areas: taxation, employment, the public sector, health care, education and the functioning of the corporate environment.

The most important economic policy objective of this year and the coming years is – by relying on the results achieved so far – to further improve the competitiveness of the Hungarian economy and the productivity of businesses. The implementation of the Economy Protection Action Plan and the Family Protection Action Plan developed by the government will also help to maintain the pace of growth and will have a positive impact on social processes as well.

(Ministry of Finance/MTI)