Hungary is still competitive internationally in spite of the pandemic, the finance ministry said on Tuesday, citing the Swiss IMD competitiveness rankings which shows Hungary still in 47th place, unchanged since 2018.
The annual rankings, now in their 32nd year, have been released unlocking a wealth of data on the performance of 63 economies across the globe.
Hungary remains an attractive international investment target and among the fastest-growing economies in the European Union, with competitive tax regulations and a skilled workforce, the ministry said.
IMD has Singapore in first place followed by Switzerland and Denmark.
When it comes to the domestic economy, Hungary advanced by 5 places to 18th thanks to its rapid growth and the high investment rate, the ministry said.
In terms of international investments, it improved by 23 spots to 40th place, while on the employment scale, it advanced 14 places to 20th place thanks to its high employment rate and falling jobless rate.
Before the coronavirus outbreak, Hungary’s economy was among the EU’s fastest-growing economies, and this was combined with strict fiscal management and a declining public debt,
the ministry said, adding that Hungary is now prioritising relaunching the economy with a focus on job-protection, helping out businesses and households with precisely targeted economic protection measures.
The National Competitiveness Council will continue its work, which has already paid dividends in improving the country’s competitiveness in many areas, the ministry added.