11 Oct 2019
Hungary was placed in the 47th position in The Global Competitiveness Report 2019, issued by the World Economic Forum. The country scored 65.1 on 0-100, increasing from last year’s 64.3. From this year’s research, Founder and Executive Chairman of the World Economic Forum, Klaus Schwab said, “most economies continue to be far from the competitiveness “frontier”—the aggregate ideal across all factors of competitiveness.”
Schwab explained, in the preface to the report that the index is assessed by looking “beyond short-term and reactionary measures,” and takes into account 12 pillars: Institutions; Infrastructure; ICT adoption; Macroeconomic stability; Health; Skills; Product market; Labour market; Financial system; Market size; Business dynamism; and Innovation capability.
Hungary saw its human capital score go up by 1.5, reaching 74.8, whereas it had a slight increase in markets, going up to 58.8 from 58.4. The country’s Ministry of Finance stated, “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.”
Despite showing improvement in over half of the 103 indicators set by the World Economic Forum, Hungary did not rank well in checks and balances, corporate governance and the skills pillar.