Hungary advances three places in global competitiveness ranking

When it comes to IMD’s ranking, Hungary is now ahead of Poland and Slovakia but still trails Czechia

editor: REMIX NEWS
author: Magyar Hírlap
Audi factory in Győr, northern Hungary. (audi.hu)

Hungary has advanced three places to 39th in Swiss think tank IMD’s 2022 World Competitiveness Ranking, finance minister Mihály Varga announced on his Facebook page.

“Good news: Hungary has moved up three places in the latest international competitiveness ranking,” Varga wrote.

Hungary’s National Competitiveness Council started its work in 2017, when Hungary ranked 52nd in the ranking of IMD. Since then, Hungary has advanced 13 places to 39th place, the best result ever, he added.

“Thanks to the work of the Council, we have made significant tax and administrative cuts, strengthened digitalization and e-government, and facilitated employment and investment conditions. These measures have made a significant contribution to improving competitiveness,” Varga wrote. “Although the work has been fruitful — we are ahead of Slovakia and Poland among the Visegrád countries — there is still room for progress.”

In the 2022 global ranking, Hungary scored between Slovenia (38) and Cyprus (40), but Czechia is still way ahead in 26th position.

“With the new government cycle, the National Competitiveness Council has completed its activities, and the improvement of our competitiveness will continue under the leadership of the minister of economic development. I would like to thank the members of the Council again for their valuable work,” Varga wrote.

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