Hungary ranked 10th according to economic complexity

Analysis

Photo by David Carillet / Shutterstock.com

The Harvard’s Growth Lab’s Country Complexity Ranking list names Hungary in 10th place with 1.64 points, according to an article published by visualcapitalist.com. 

Image: David Carillet/Shutterstock.com

The ranking tries to measure economic activity in an easier way and also tries to understand economic complexity better.

The article says that in the past, the trade between nations was a much simpler matter to grasp. Commodities and a few finished goods moved between a handful of countries in a straightforward way.

Today, the situation is more complex as around 6,000 officially classified products pass through the world’s ports, and digital products and services zip across country lines creating an extra layer of difficulty in measuring economic activity, visualcapitalist.com says.

In terms of economic complexity, Japan, Switzerland, and South Korea sit at the top of the ranking. Among regional peers, Hungary is behind sixth-placed Czech Republic (1.79 points) and seventh-placed Austria (1.71 points), but ahead of Slovenia (11th, 1.57 points), Slovakia (15th, 1.41 points), Poland (21st, 1.19 points), Romania (24th, 1.16 points), and Croatia (30th, 0.92 points).

The report says that the top exports of Hungary are cars and ICT products.

Highly ranked countries tend to have a high diversity of sophisticated and unique products for export, thus more power of productive knowledge, visualcapitalist.com adds.

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