Same old story: Hungary's development over the 2000-2020 period

Hungary's convergence to the developed western economies have been much slower than initially expected. Applying the FOI model, this study investigates whether there were any changes in the convergence process during the second decade of the 21st century. It is found that the future (influencing the long-term competitiveness of the economy), and inside (determining the current well-being of the country) potential of the Hungarian economy did not improve at all compared to the 34 countries that were OECD members in 2010. Hungary's position is in fact really bad, it is ranked 33rd in both areas. The country does somewhat better in the outside potential (characterising the world market position), prompting that Hungary follows a growth model that is focused on external resources. This feature is not new, however: the same development model patterns were detected in 2010, too.