Hungary moves up to 39th place in IMD competitiveness ranking

Innovation

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Hungary has moved up three spots to 39th place in this year's IMD World Competitiveness Ranking, according to a report by state news wire MTI.

The ranking includes 63 countries.

Hungary ranked eighth in terms of economic performance, 37th according to a gauge of government efficiency, and 48th in a comparison of business efficiency. It ranked 36th with a view to infrastructure.

IMD put "high debt and deficit level", "low level of productivity" and "very high energy intensity of the economy" among the challenges Hungary faces in 2022.

Commenting on the results on Monday, Finance Minister Mihály Varga said Hungary's improvement in the ranking was supported by government measures focusing on reducing taxes and red tape, strengthening digitalization and electronic administration, and facilitating the conditions of employment and investments.

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