Hungary places 47th of 141 countries in the annual competitiveness ranking compiled by the World Economic Forum (WEF). Hungary moves up one spot from last year, when the ranking included 140 countries.
Hungaryʼs score on this yearʼs Global Competitiveness Index was 65.1 on a scale of 0-100, up from 64.3 a year earlier. The countryʼs score for institutions rose from 54.2 to 55.7, its score for infrastructure climbed from 78.4 to 80.7, and its score for macroeconomic stability was unchanged at 90.0.
Hungaryʼs score in the area of human capital rose from 73.3 to 74.8, and its score in the area of markets edged up from 58.4 to 58.8.
However, Hungary ranks very low on checks and balances (in 101st place), and within this, judicial independence (102nd), and the efficiency of its legal framework in challenging regulations (134th). Within corporate governance, it ranks low on conflict of interest regulation (121st). Within the skills pillar, it also ranks strikingly low on the ease of finding skilled employees (138th), and on internal labor mobility (132nd). Within business dynamism, Hungaryʼs entrepreneurial culture also features low on the ranking (122nd). On diversity of workforce, it ranks last of all 141 countries.
Hungary as a whole still lags behind the Czech Republic (32nd), Poland (37th), and Slovakia (42nd) in the fresh ranking. It is ahead of Bulgaria (49th), and Romania (51st).
In a statement released on Wednesday, the Ministry of Finance noted that Hungaryʼs scores, in absolute terms, had improved for more than half of the 103 indicators weighed by the WEF.
"This is an acknowledgement of the efforts of Hungarian economic policy, which aims to further improve the quality and competitiveness of the conditions for economic growth while maintaining macroeconomic stability," the ministry said.
The full report can be read here.