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Sustainable catching-up requires a complete turn in competitiveness

Gergely Baksay () and Agnes Nagy ()
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Gergely Baksay: Executive Director for Economic Analysis and Competitiveness, Magyar Nemzeti Bank
Agnes Nagy: Economic Analyst, Directorate for Fiscal and Competitiveness Analysis, economic analyst, Magyar Nemzeti Bank

Public Finance Quarterly, 2022, vol. 67, issue 2, 159 - 180

Abstract: Further strengthening of competitiveness is essential for Hungary's sustainable growth and catch-ing up. According to the Magyar Nemzeti Bank’s approach, a national economy is competitive if it utilises its available resources optimally to attain the highest possible, but at the same time sus-tainable, level of welfare. In the past decade, the macroeconomic conditions necessary for a turn in competitiveness have developed in Hungary, which also provided a stable basis for managing the economic impact of the coronavirus pandemic. Hungary was ranked 18th in the MNB’s com-petitiveness ranking among the 27 countries of the European Union in 2021. The result shows that further strengthening competitiveness and the effective release of growth reserves, in particular in the areas of continuously available high-quality human capital and the digital and green transition of the economy, are essential to achieve sustainable catching-up and avoid the middle-income trap.

Keywords: competitiveness; sustainable convergence; middle-income trap; growth reserves; green and digital transition (search for similar items in EconPapers)
JEL-codes: H12 I15 I25 J11 O10 O40 Q56 (search for similar items in EconPapers)
Date: 2022
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Handle: RePEc:pfq:journl:v:67:y:2022:i:2:p:159-180