The countries are assessed based on three factors: “Investment and Development,” “Appeal,” and “Readiness,” according to a press release sent to the Budapest Business Journal. The three categories assess how countries perform in a wide range of areas. These include education, apprenticeships, workplace training, language skills, cost of living, quality of life, remuneration and tax rates.
The factors include indicators capturing the resources invested in developing local talent, the extent to which a country attracts and retains talent, as well as the quality of skills available in the talent pool, says the press release.
Regionally, Hungary is ranked higher than Slovakia (59), Romania (56), and Croatia (54), but lower than Ukraine (48), Poland (38), the Czech Republic (37), Slovenia (30), and Austria (4).
In the “Investment and Development” category, Hungary performed relatively strongly, clinching 41st place, whereas in “Appeal” Hungary was only 59th, and in “Readiness” 53rd.
Hungarian news agency MTI noted that in a more detailed breakdown by assessment area, Hungary ranked high (22nd) in terms of government spending on secondary education per student, as well as in terms of cost of living (6th), but finished bottom (63rd) in terms of the ready availability of skilled labor.
The top 3 in this yearʼs ranking are Switzerland, Denmark, and Norway. Switzerland tops the ranking for the fifth consecutive year, while Norway rises four places since last year. Canada is the only non-European nation in the top 10.
According to its website, the IMD World Competitiveness Center is “dedicated to the advancement of knowledge on world competitiveness by offering benchmarking services for countries and companies using the latest and most relevant data on the subject.”
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