Hungary moves up 5 spots in IMD competitiveness ranking

Innovation

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Hungary has moved up five spots to 42nd place in this year's IMD World Competitiveness Ranking, according to state news wire MTI.

The ranking includes 63 countries.

Hungary ranked eighth in terms of economic performance, 40th according to a gauge of government efficiency, and 56th in a comparison of business efficiency. It ranked 37th with a view to infrastructure.

IMD put "looming inflation", "pressures on public finance due to COVID-19 and the election year of 2022" and "COVID-19 related socio-economic disruptions" among the challenges Hungary faces in 2021.

Commenting on the results on Thursday, Finance Minister Mihály Varga said Hungary's improvement in the ranking - the third-biggest of any country - was supported by government measures focusing on ensuring a post-crisis advantage, in addition to economic defense during the pandemic.

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