Development and Finance from issue 2009/1

László Szabó

Selective Strategic Decisions

- Abstract -

JEL O-21

Hungary needs a new, all-encompassing national economic strategy as soon as possible in order to successfully adjust to the requirements of membership of the European Union and globalisation unfolding in the 21st century. For a new strategy to be elaborated, what is required is an analysis of the situation with an international outlook based on good theoretical fundaments and information, as well as research. Industry still constitutes one of the main pillars of economic development in Hungary and in most emerging economies. However, over recent years the expansion of Hungarian industry has perceivably slowed down and the development gap between Hungarian industry and the dynamic development of large developing countries, which determine the sector’s development (China, India, Brazil, Russia) has grown. The latter are countries with sufficiently large internal markets and a multitude of resources, therefore, they can develop nearly all of the industrial sectors simultaneously. In addition, a further factor promoting their development is their relatively cheap labour costs, which help them to sustain their competitiveness on the global market even with a relatively broad industrial profile, provided they can provide a modern product mix of satisfactory quality by means of adequate capital imports and technology transfers.

László Szabó, CSc in economics

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