Matolcsy: National competitiveness means a strong industrial base

English2021. ápr. 30.GOVERNOR MATOLCSY100WORDS

The old debate is over, especially for the superpowers /Rana Foroohar, FT, 12 April 2021/. Strong industries, especially manufacturing, are still/again at the very heart of national competitiveness.

As Foroohar rightly put it taking the data from McKinsey Global Institute, in the US manufacturing represents only 11% of the country’s GDP, but drives 20% of capital investments, 30% of productivity growth, 60% of exports and 70% of total business research and development expenditures.

In the lack of a strong manufacturing sector no one can reach a strong competitive position globally. It also means that a country like that will not be able to build a strong national security position globally, regionally or locally.

Competitiveness and national security are the two sides of the same coin.

Governor Matolcsy, MNB, the Central Bank of Hungary

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