Budapest, October 28 (MTI) – Hungary moved up by more than ten places to 42nd out of 189 countries in the World Bank’s 2016 Doing Business ranking, the economy ministry said on Wednesday.
The World Bank introduced a number of changes to the methodology used to compile the report, which allowed Hungary to improve to 42nd from its 2015 ranking of 54th place. The economy ministry said the new methodology gave a far more accurate picture of Hungary’s increased competitiveness and economic growth than the old one.
The ministry said that the old methodology was criticised by numerous countries, including Hungary, particularly regarding the economic indicators taken into account to determine economic strength. After two years of talks and recommendations from member states, including Hungary, the World Bank made changes to its methodologies and employed them for the first time in the latest report.
The report is significant as it is followed closely by potential investors and all major players of the finance industry, the economy ministry added.