Ranked as ninth, Hungary scored excellently on the list of 46 countries recommended for investment by New Jersey-based research firm Bretton Woods, Deputy State Secretary for Taxation and Financial Affairs László Balog told news agency MTI.

The institution has evaluated the business environment of 46 countries. The study published by Forbes highlights that the National Bank of Hungary is “dovish and trying to be growth supportive.” The paper also points out that Prime Minister Viktor Orbán is “mostly pro-growth when it comes to fiscal policy” adding that in the third quarter the bank tax is expected to be cut and the inflation rate is at a low level.

László Balogh said this ranking is especially noteworthy as Hungary follows traditional investment hotspots such as Ireland, the United States or China. It is for the first time that Hungary has made it into the top ten from the CEE region, he stressed.

In the opinion of the Deputy State Secretary, the position Hungary has been given shows there are several positive economic developments and achievements in the country that can be recognized and welcomed by agile research institutions. Solid economic results and measures also spark the interest of foreign investors.

As László Balog emphasised, market movements and changes in CDS premia also indicate that market confidence in Hungary has improved compared to perceptions prevalent 12 or 24 months ago. Macro-economic data – such as the 3.6 percent GDP growth rate, prudent fiscal policy, low inflation, the decrease in the level of debt and higher employment rate – are all producing positive feedback.

On the other hand, the Deputy State Secretary called it a critical deficiency that all three major credit rating agencies have been overlooking these economic achievements and they have failed to incorporate them into their evaluations.

(Ministry for National Economy)