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Mihaly Varga: The Hungarian economy can grow again by 4-5%

Mihaly Varga: The Hungarian economy can grow again by 4-5%

Mihaly Varga emphasized that I would like as soon as possible to restore the growth capacity that characterized the years prior to the pandemic. As I said, 2022 could already be this year.

The Minister of Finance emphasized that in 2021 the economy is expected to reach the point it was at at the end of 2019, before the outbreak of the epidemic, and in 2022 economic growth is expected to reach 5.2 percent, a target deficit of 5.9 percent. GDP and debt ratio are also on a downward trajectory.

Mihaly Varga added that there are important social policy goals, among them supporting families, rebuilding a 13-month pension, and introducing tax breaks for those under 25 years old.

“Next year should be about to finish the restart, about the fact that the Hungarian economy can continue on the path it was on in the lead up to the pandemic,” he said.

The Minister of Finance recalled the importance of the Economic Protection Fund, in which various resources were collected, for example to launch investments and protect jobs, and the Epidemic Protection Fund.

The 2022 budget will retain its structure, but it is already an economic relaunch; He explained that an economic restart fund of 7,300 billion HUF will be allocated in the budget. He added that there will continue to be health insurance and an epidemic prevention fund with a budget of 3600 billion HUF.

At the same time, Mihaly Varga made it clear that he was confident of it After 2022, there will be less and less focus on controlling the epidemic.

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The Minister of Finance drew attention to the fact that in the first quarter of this year, the emergence of last year’s decisions, especially in the field of investments and developments, can be felt. He pointed out that the investments launched will gradually reflect on the work of the economy. For this reason, Mihaly Varga expects a strong “bounce”.

He also explained that the biggest boost to economic growth since 2016 came from an agreement to cut taxes and raise wages with employers and employees.

“If we can return to this path and there is a gradual but strong increase in wages, but at the same time we can reduce taxes, the competitiveness of the Hungarian economy can improve, and the growth path can be envisaged again at 4-5 percent,” said the Finance Minister .

Cover image source: Portfolio

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