Hungary has maintained its position (47th) in the IMD international competitiveness rankings, despite the effects of the coronavirus pandemic, according to a report by government website kormany.hu.
The survey by the Swiss Institute for Management Development (IMD) manager training and economic research institute ranked Singapore in first place, with Switzerland and Denmark coming in second and third, respectively.
Hungary, in 47th place, has achieved the same ranking as in 2018. However, the country managed to improve five places to 18th place in the rankings when it comes to domestic economy. According to the report, it is Hungaryʼs best result to date.
Hungary also moved up 23 places (to 40th place) with relation to international investments, while on the employment scale it improved its standing by 14 spots to 20th place.
The government argues that prior to the pandemic, Hungary boasted one of the European Unionʼs most rapidly growing economies, with a permanently high rate of growth, strict fiscal management, and declining public debt. Now, the governmentʼs goal is to mitigate the damage caused by the coronavirus and to reboot the economy, the report adds.