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Magyar Nemzeti Bank submits new proposals for improving competitiveness

The MNB’s 180 points

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After 2010, Hungary passed a period of successful stabilisation. The fundamentals of the Hungarian economy are sound, and convergence to the developed economies has restarted. However, successful long-term competitiveness requires a targeted improvement in competitiveness. At the invitation of the National Competitiveness Council, the Magyar Nemzeti Bank today presented its proposal consisting of 180 points focusing on increasing competitiveness in an effort to support the Government’s work.

Since 2013, the average rate of Hungarian economic growth has exceeded 3 per cent. Strengthening the path to convergence while consolidating the results achieved, thereby ensuring a steady improvement in the wellbeing of Hungarian people and an increase in social welfare, will be the main task facing economic policy over the coming decades. A turnaround in competitiveness can serve as the basis for long-term sustainable convergence.

Following the proposals consisting of 50 points, published in a book entitled Competitiveness and Growth in 2016, the Magyar Nemzeti Bank is presenting a new package of proposals consisting of 180 points. Barnabás Virág, Executive Director of the MNB, today presented the results of the Bank to the National Competitiveness Council. The proposals are aimed at improving domestic productivity, sustaining full employment and laying the foundations for a demographic turnaround, in addition to maintaining the positive trends already apparent mainly in the indicators of external and internal balance and the labour market. The positive effect of measures to improve competitiveness often materialises over the longer term. Accordingly, the development of a structured long-term programme and the continuous follow-up of the measures already implemented are equally important for the Magyar Nemzeti Bank.

New global megatrends have appeared in the world economy. By mapping these trends, the entry points into the group of developed economies of our age can be identified appropriately. The development of domestic human capital, the improvement in the capabilities of small and medium-sized enterprises for technological adjustment, increasing investment into traditional and modern infrastructures and strengthening the efficiency of the state’s institutional system and financial intermediation must be paid particular attention in the measures. Achieving the turnaround in competitiveness requires arriving at a broad consensus, in which domestic enterprises, families, the state and financial sector participants all have a role to play.

The competitiveness of the economy and its long-term growth potential also have an effect on the achievement of price stability and on financial stability. Accordingly, in its regular reports (Growth Report, Competitiveness Report) and its special publications (e.g. Competitiveness and Growth, a volume of economic essays) the Magyar Nemzeti Bank will continue to analyse Hungary’s competitive position.

The 180-point detailed proposal of the Magyar Nemzeti Bank is available here.

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