Hungary ranked 63rd in WEF competitive rankings

Competition

Hungary has dropped in the World Economic Forum (WEF) global competitiveness rankings for 2013-14, falling three places to no. 63 of 148 nations. The score of 4.25 on a scale of 1-7 obtained by Hungary put the country in a statistical tie with like-scoring Peru, Slovenia, and the Russian Federation. This group trailed no. 60-ranked India (4.28), but bested Sri Lanka (4.22), Rwanda (4.21), Montenegro (4.20) and Jordan (4.20).

Hungary’s Visegrad Four partners Poland, Czech Republic and Slovakia placed 42nd, 46th and 78th, respectively.

In terms of categories (or “pillars” as the WEF would have it) making up the final score, Hungary proved divergent: The report ranked Hungary 44th in higher education & training and 46th in technological readiness, but placed just 84th in both macroeconomic environment and institutions, and 85th in labor market efficiency.

At the top of WEF’s “most problematic factors for doing business” table were for Hungary, in order, access to financing, policy instability, tax rates, tax regulations, inefficient government bureaucracy, and corruption.

Holding on to their top positions in the survey were Switzerland with a score of 5.67, Singapore (5.61) and Finland (5.54); shuffled around a bit from the 2012-13 pecking order to round out the top 10 were Germany, the US, Sweden, Hong Kong, Netherlands, Japan and the United Kingdom.

The WEF World Economic Forum Global Competitiveness Report seeks to assess the landscape of national economies to provide insight into drivers of productivity and prosperity; the Report is touted as “the most comprehensive assessment of national competitiveness worldwide.

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