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Hungary moves up on 2005 World Competitiveness List
( 12 / May / 2005 )
Budapest, May 12 (MTI) - Hungary has climbed to 37th place, from the 42nd, on the World Competitiveness List issued by the Swiss-based IMD Foundation for 2005, a national daily said on Thursday.
The list, comparing 60 countries and regions on the basis of 134 criteria, is topped by the United States at first place, followed by Hong Kong and Singapore, the daily Nepszabadsag said.
Among the new European Union members, Hungary is placed third, trailing only Estonia, which is ranked 26th, and the Czech Republic, which occupies the 36th place. Defining Hungary's main strengths, analysts of IMD, the Institute for Management Development, referred to the relatively low corporate tax, the thriving stock exchange, the volume of FDI, the density of the road network, the student-teacher ratio and the youth's interest in sciences.
Among the weaknesses, the institute mentioned the high personal income tax, the large current account and central budget deficits, expensive access to broadband communication, the high social security tax, deficiencies in healthcare, unethical standards in corporate management, and shortcomings in central bank and exchange rate policies.
The biggest challenges Hungary faces in 2005 include keeping the economy on a growth track, fulfilling the criteria of introducing the common European currency and devoting more attention to eliminating poverty that hits one third of the population, the IMD said.