MNB: Hungary’s competitiveness in the EU ranking has deteriorated

By: Trademagazin Date: 2024. 03. 21. 11:53

Hungary’s competitiveness fell two places in 2023 compared to the previous year, and slipped back to 19th place out of the 27 EU countries, according to the central bank’s 2023 Competitiveness Report, which Zsolt Kuti, responsible for monetary policy, financial analysis and statistics of the MNB executive director announced at an online press conference on Thursday.

After three years of rising, Hungary reached 46.6 points last year based on the MNB Competitiveness Index, after 47.9 points the previous year – explained the managing director. With this, Hungary’s relative competitiveness position fell below the average of the Visegrad countries (46.7 points), below the EU average (51.4 points) and the average of the five northern member states with the most sustainable growth trajectory (61.4 points), he pointed out.

Hungary’s performance deteriorated in nine of the 14 examined areas, including key areas for the future, such as the quality of human capital (education and healthcare) and digitalization.