Matolcsy: Hungary has failed to 'overtake in the turn'

Although Hungary has been more successful in managing the crisis than many of its European Union peers, it has failed to "overtake" competitors "in the turn", National Bank of Hungary (NBH) governor Gyorgy Matolcsy wrote in an article published on Monday. By the end of 2021, Hungary was ranked 21st among the EU27 in terms of the level of economic development, down from 20th place at the end of 2019, Matolcsy wrote in the online edition of daily Magyar Nemzet. Hungary has again been overtaken by Poland, he said, explaining that though part of this had to do with the share of the tourism sector in Hungary's GDP, Poland had managed to jump ahead mainly thanks to the advantages of its more competitive economic model.