Reacting to the news, the Hungarian Finance Ministry said the report is an accurate reflection of the strides the Hungarian economy has recently made in competitiveness. These gains have by now also been acknowledged by the markets, credit rating agencies and independent economic research institutes.
The WEF, based in Davos, Switzerland includes 140 countries and territories in its global ranking, taking into account 12 measurements. Out of the 12, Hungary was best-placed in terms of infrastructure (28th place), innovation capabilities (39th) and macroeconomic stability (43rd).
The report also measures 98 economic indicators, half of which Hungary has improved its position compared with 2017. This has also validated the government’s thinking that macroeconomic stability also helps improve qualitative indicators and competitiveness.
This year’s WEF competitiveness ranking is headed by the United States, Singapore and Germany. There are six European countries in the top 10 and the Czech Republic has Central Europe’s most competitive economy, ranked 29th.