Economy minister commenting on a fresh WEF report: Hungary’s competitiveness improving
Change language:
Not only has Hungary seen an improvement in its sovereign ratings, but its competitiveness ranking is also on the rise, Economy Minister Mihály Varga told journalists in Singapore, commenting on a fresh World Economic Forum (WEF) report.
According to the WEF, Hungary has advanced by nine spots on its competitiveness list.
Varga, who is part of a delegation headed by Prime Minister Viktor Orbán, said the WEF had registered “serious advances” in its financial and capital market institutions, reflecting the past few years of “serious work, which has made the environment a lot more helpful and stable”.
Hungary’s banks are now in a far more stable position compared with previous years, thanks to agreements the government has struck with international institutions such as the European Bank of Reconstruction and Development (EBRD) and domestic players to find the most stable way to operate the banking system.
He insisted that several positive changes had not yet appeared in the WEF report, so it is expected that
Hungary will continue to make steps forward in the competitiveness rankings.