Hungary has moved up five spots to 47th place in this yearʼs IMD World Competitiveness Ranking.
Hungaryʼs economic strengths:
– investments
– the cost of living
– exports
– in terms of the corporate tax rate alone, Hungary was ranked first among the 63 economies covered by the IMD World Competitiveness Yearbook
Challenges Hungary facing in 2018:
– uncertainties over the structural reform plans of the new government
– a high dependency on European Union funds
– administrative burdens over the EU average
– a shadow economy with a high volume of GDP
The top five most competitive economies in the world in the IMD ranking remain the same as in the previous year, but their order has changed.
The United States returns to top spot, followed by Hong Kong, Singapore, the Netherlands and Switzerland. The Netherlands moves up one place to 4th, swapping with Switzerland which moves down to 5th.
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