SMEs play an important role in the country's economy. SMEs employ more than two thirds of the workforce and generate more than half of the added value in EU-28 until 2019. The importance of small businesses is also taken seriously by the EU, and the European Charter for Small Enterprises. Improving the competitiveness of SMEs is one of the 11 thematic objectives for Cohesion Policy in 2014-2020. Access finance for investments through grants, loans, loan guarantees, venture capital. Forge valuable links with research centres and universities to promote innovation. The data were taken from the World Economic Forum database. Research analysed the following sub-areas: Role of SMEs in competitiveness, presentation of problem areas, comparison of domestic values with EU average according to SBA Facht Sheet database with using digital system.
The Hungarian National Bank depicts the most important aspects needed to improve competitiveness in a pyramid model, culminating in sustained catch-up and growth. Hungary ranked 60th out of 137 countries in the World Economic Forum's in 2017-2018 competitiveness ranking. In Hungary SMEs are not very development-minded, but it is a positive development that they receive a significant share of grant funding.
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