Hungary has improved over ten positions on the World Bank’s international competitiveness rankings according to the international organisation’s publication “Doing Business” , the Ministry for National Economy has disclosed.
According to the ministry’s statement, the World Bank used a new, revised methodology in compiling its 2016 publication, which resulted in Hungary coming 42nd on the list, improving its position by over ten places compared to the previous year. (Hungary ranked 54th on the list for 2015.) The revised methodology has produced a far more accurate picture of the country’s competitiveness and economic performance, the ministry claimed.
The World Bank’s annual publication compares the competitiveness indicators of 189 countries across the globe. The ministry points out in its statement that several member states, including Hungary, had criticised the methodology used by the World Bank in compiling the list over the previous year, for reasons that included indicators based on which countries’ economic performance was assessed. Based on the experiences of an approximately two-year dialogue with member states, including Hungary, the World Bank used the new indicators for the first time this year, the ministry’s statement reveals, adding that the World Bank’s competitiveness ratings have a major practical importance because because they are followed by all important actors of international economic and financial life, including potential investors.