Finance Minister Mihaly Varga – Photo: MTI

Hungary three places up in competitiveness ranking

Hungary ranks 39th on the list of the world's most competitive economies, up three places from last year, Finance Minister Mihaly Varga said on Monday, citing information from Swiss competitiveness research institute IMD.

Since 2017, Hungary has improved its position by 13 places, the minister said on Facebook.

Concerning the National Competitiveness Council, whose tasks have recently been transferred to the economic development ministry, Varga said its work had helped the government implement significant tax cuts and reduction in red tape, and take measures aimed at promoting electronic procedures and simplify the administration around employment and investments. All those measures have contributed significantly to the country’s improving competitiveness, he added.

Varga noted that Hungary was ahead of Slovakia and Poland in the competitiveness ranking, but added that “there is still room for further improvement”.

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