FinMin: Hungary ranks 42nd in IMD competitiveness report

Hungary has jumped five places to rank 42nd in the report published by the Swiss IMD World Competitiveness Center, Finance Minister Mihaly Varga said on Thursday. Hungary showed the third largest improvement according to the center's 2021 yearbook which listed 63 countries. Varga said government measures aimed to balance the fallout of the epidemic as well as to help the economy "come out on top" after the crisis, were at the root of the progress. The Hungarian government handled the crisis by cutting taxes and providing investment support and job protection through steps such as a loan moratorium and wage support, Varga said. The IMD results show the effectiveness of those measures, as Hungary's improvement was largest in the competitiveness of the tax system, in the job market and international investments, he said.