Budapest is a significant economic hub, classified as an Alpha-world city, and it is the second fastest-developing urban economy in Europe.
Hungary is a high-income mixed economy with a very high human development index and a skilled labour force. Its geostrategic location plays a significant role in the rise of the service sector as the country's central position makes it suitable and rewarding to invest. Therefore, it continues to be one of the leading nations in Central and Eastern Europe for attracting foreign direct investment. Major industries include food processing, pharmaceuticals, motor vehicles, information technology, chemicals, metallurgy, machinery, electrical goods, and tourism. In the past 20 years the capital, Budapest has also grown into a major center for mobile technology, information security, and related hardware research, and it is also a popular office destination for the SSC sector.