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Hungarian Ministry of Finance: economic growth may hit an all-time high this year

In the report of the 59th session, Hungarian finance minister Mihály Varga said that Hungary has reached the performance before the epidemic and will maintain the growth momentum in the future. This year, the growth rate of gross domestic product (GDP) may reach a record high. Hungary is one of nine EU countries that reached pre crisis levels. Economic migration conference held in Budapest on Friday.


The Ministry estimates that it may grow by 7-7.5% by 2021.



He said that with the introduction of economic policies and measures, the growth engine of the world economy has been restarted, so 2021 is already in the spirit of growth.


He added that nine EU countries had reached pre crisis levels, and Hungary was one of them.

The economic restart was well reflected in the situation of the labor market: they had never worked like this, when the number of employees exceeded 4.7 million. Since the end of March, the weekly economic index (HGI) of the Ministry of industry and information technology has maintained stable growth; The average growth from July to September was 6.3%.


Hungary's economic performance was strong due to major monetary and fiscal measures. He said that measures to restart the economy will account for 30% of GDP in 2020. The finance minister said the EU's budget deficit target was 7.5%, and pointed out that the economic restart action plan will help enterprises and households exceed HUF 13 trillion in 2021 and 2022.


He pointed out that credit rating agencies recognized the country's performance, economic policies have been effective, and the country's vulnerability has been declining steadily. He hoped Moody's would give positive feedback on Friday night. He stressed that the Hungarian economy has solved the challenge of a complete shutdown caused by the epidemic by itself.


He added that the role of digitization would be important, adding that epidemics promoted development. At the same time, he mentioned the need to accelerate the development of digitization in Hungary in four key areas: the development of digital skills, the digitization of public services, the digitization of health care and the popularization of digital tools among the population. small and medium-sized enterprises. MIH á ly Varga said that digitization must be promoted to the three priorities of government policy.


The head of the Ministry said that fiscal balance is a risk. After eliminating the previous huge deficit, despite the epidemic, the financing capacity with the rest of the world is now close to balance. The state must limit expenditure and strive for a steady decline in public debt. He said that according to EU standards, household debt is at a low level and corporate debt is at a medium level.


Fiscal policy must maintain the golden mean, which is one of his main objectives in the next stage.


He also talked about the calming down of the debate on EU funds and hoped to reach an agreement on the issue.


Sources of article/picture: Shuangri education


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