What Shall We Do for a More Competitive Hungarian Economy? Thoughts About the Monograph Competitiveness and Growth of the Magyar Nemzeti Bank

Szalai, Ákos and Kolozsi, Pál Péter (2017) What Shall We Do for a More Competitive Hungarian Economy? Thoughts About the Monograph Competitiveness and Growth of the Magyar Nemzeti Bank. POLGÁRI SZEMLE: GAZDASÁGI ÉS TÁRSADALMI FOLYÓIRAT, 13 (Spec.). pp. 185-198. ISSN 1786-6553

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Abstract

Since 2010 Hungary has implemented a major turn in its fiscal policy which was followed by a fundamental change in its monetary policy resulting in a new era concerning the growth of the Hungarian economy. These changes form the basis of an economy being simultaneously characterised by balance and growth. Over the last six years the position of the Hungarian economy has been improving significantly especially concerning the quantitative aspects of competitiveness, the results of which have been recognized by financial and capital markets in addition to international organizations and the major credit-rating agencies. However, a faster and more sustainable convergence requires an improvement concerning the qualitative characteristics of the economic resources as well. For an outbreak from the moderately developed economic status it is essential to speed up the catch-up process with additional reforms focused on competitiveness. Along with the relevant international best practice and the theoretical background, the new volume of the book series of the Magyar Nemzeti Bank entitled “Competitiveness and Growth” presents also the necessary measures for that “competitiveness revolution”.

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