This year’s competitiveness ranking of the Swiss Institute for Management Development (IMD) is led by Singapore, with only three EU countries in the top ten. Hungary’s position in 47th place has not changed since 2018.
The performance of European Union countries overall did not improve significantly from 2019 to 2020. Ireland, for example, slipped five places on the competitiveness list, while Luxembourg and France also fell. The positions of Germany, Spain and Italy remain unchanged, while those of Cyprus, Austria, Finland, Belgium, Portugal and Greece improved.
Examining the performance of the V4 countries over the last five years, the report shows that Hungary’s position has not changed since 2018, but it has experienced the greatest improvement among the V4 countries per specific factors.
Hungary advanced five spots to 18th place for its domestic economy and moved up 23 places to 40th place for international investments. In areas related to the economy and government, Hungary has made the greatest progress in its:
- economic results
- GDP development
- fiscal balance
Furthermore, Hungary stands in 6th place among the 63 countries surveyed in terms of real GDP growth and ranks 1st in terms of real GDP growth per capita; it ranks 13th in terms of unemployment.
Prior to the coronavirus pandemic, the Hungarian economy was one of the European Union’s most rapidly growing economies, boasting a permanently high rate of growth while also maintaining a healthy structure, strict fiscal management and declining public debt.