Hungary back to 2014 level in global competitiveness

Competition

Hungary has improved its position on the World Economic Forumʼs latest Global Competitiveness Index by nine spots to 60th place in the ranking of 137 economies around the world.

The rise is to a large extent due to an improvement in technological readiness, an increase in technology take-up by firms from a low level - from 135th to 109th on firm-level technology absorption - and significant increases in internet take-up by individuals, from 73% of the population in 2015 to 79% in 2016, the WEF said in the indexʼs 2017-2018 edition.

"In addition, business executives are reporting improvements in the development of financial markets as well as the business and innovation environment," the index added, quoted by Hungarian news agency MTI.

Hungaryʼs overall index score was 4.3 on a scale of 1-7, with 7 being the best score. The country scored 3.5 for the institutions component of the index, 4.4 for infrastructure, 5.1 for its macroeconomic environment, and 5.6 for health and primary education.

Among the most problematic factors for doing business, an inadequately educated workforce took top place, followed by corruption, tax rates and tax regulations. The WEF noted that with this yearʼs improvements, Hungary is returning to levels it held previously, as it was ranked 63rd in 2015, and 60th in 2014.

Commenting on the fresh ranking, Minister for National Economy Mihály Varga said a number of recent favorable developments had not been considered in the WEF report, making a further improvement in Hungaryʼs position likely in future.

ADVERTISEMENT

Századvég raises GDP forecast to 7.8% Analysis

Századvég raises GDP forecast to 7.8%

Opposition parties to begin PM candidate primaries Elections

Opposition parties to begin PM candidate primaries

New editor-in-chief at Betone Studio Appointments

New editor-in-chief at Betone Studio

Budapest leaders make public transport free for under-14s City

Budapest leaders make public transport free for under-14s

SUPPORT THE BUDAPEST BUSINESS JOURNAL

Producing journalism that is worthy of the name is a costly business. For 27 years, the publishers, editors and reporters of the Budapest Business Journal have striven to bring you business news that works, information that you can trust, that is factual, accurate and presented without fear or favor.
Newspaper organizations across the globe have struggled to find a business model that allows them to continue to excel, without compromising their ability to perform. Most recently, some have experimented with the idea of involving their most important stakeholders, their readers.
We would like to offer that same opportunity to our readers. We would like to invite you to help us deliver the quality business journalism you require. Hit our Support the BBJ button and you can choose the how much and how often you send us your contributions.