About the WEF Global Competitiveness Index
The WEF has published its annual Global Competitiveness Index since 2003. Covering most countries in the world, it is the most extensive competitiveness ranking globally. This year, a total of 141 countries are listed. Kopint-Tárki Ltd. has been WEF’s Hungarian partner institution in the compilation of the competitiveness index since the beginnings. The way the index is structured is based on the assumption that countries’ competitiveness depends first and foremost on the factors of production, followed by factors fostering efficiency, and finally, on innovation performance. As shown in the table above, the first 4 of the 12 pillars deal with the fundamentals, followed by 6 factors related to efficiency-fostering factors, while the last two pillars represent innovation and economic complexity. (Source: portfolio.hu)
In terms of competitiveness, we are lagging behind the reference countries. Compared to the previous year, Hungary slipped back three places in the World Economic Forum (WEF) competitiveness ranking. All the other countries in the region managed to show improvement. The Czech Republic and Poland both surpass Hungary on almost all the 12 competitiveness pillars, while Romania also enjoys better ranking in many respects.