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Sustainable Catching-Up Requires a Complete Turn in Competitiveness

Author

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  • Baksay, Gergely
  • Nagy, Ágnes

Abstract

Further strengthening of competitiveness is essential for Hungary’s sustainable growth and catching up. According to the Magyar Nemzeti Bank’s approach, an economy is competitive if it utilises its available resources optimally to attain the highest possible, but at the same time sustainable, 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 competitiveness 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 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.

Suggested Citation

  • Baksay, Gergely & Nagy, Ágnes, 2022. "Sustainable Catching-Up Requires a Complete Turn in Competitiveness," Public Finance Quarterly, Corvinus University of Budapest, vol. 67(2), pages 159-180.
    • Handle: RePEc:pfq:journl:v:67:y:2022:i:2:p:159-180
    DOI: https://doi.org/10.35551/PFQ_2022_2_1
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    More about this item

    Keywords

    competitiveness; sustainable convergence; middle-income trap; growth reserves; green and digital transition;
    All these keywords.

    JEL classification:

    • H12 - Public Economics - - Structure and Scope of Government - - - Crisis Management
    • I15 - Health, Education, and Welfare - - Health - - - Health and Economic Development
    • I25 - Health, Education, and Welfare - - Education - - - Education and Economic Development
    • J11 - Labor and Demographic Economics - - Demographic Economics - - - Demographic Trends, Macroeconomic Effects, and Forecasts
    • O10 - Economic Development, Innovation, Technological Change, and Growth - - Economic Development - - - General
    • O40 - Economic Development, Innovation, Technological Change, and Growth - - Economic Growth and Aggregate Productivity - - - General
    • Q56 - Agricultural and Natural Resource Economics; Environmental and Ecological Economics - - Environmental Economics - - - Environment and Development; Environment and Trade; Sustainability; Environmental Accounts and Accounting; Environmental Equity; Population Growth

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