The depth of the crisis caused by the epidemic was about the same as in 2008, but the recovery is now much faster

The depth of the crisis caused by the epidemic was about the same as in 2008, but the recovery is now much faster

Giorgi Matulci, Governor of Magyar Nemzetti Bank (MNB) said at the conference on relaunch.

He emphasized that a permanent rise in inflation would jeopardize the recovery, that the Hungarian economy would be able to raise interest rates and that inflation risks would make it mandatory.

Gyorgy Matulcci noted that after learning about economic growth data for the third quarter, they see an opportunity to propose a correction to the general government deficit in 2022. He added that the Hungarian deficit target of 5.9 percent next year will be the third highest in the European Union, and it is a pity to be ahead in such a classification.

The central bank governor said that قال

Hungarian GDP may reach pre-crisis levels in the third quarter. The depth of the crisis caused by the epidemic was about the same as in 2008, but the recovery is now much faster

confirmed. After the previous crisis, the US economy recovered in 11 months, it took Hungary 6.5 years and the eurozone 10 years to reach its pre-crisis performance, adding that Hungary is now in the recovery stage for a year and a half.

György Matolksi put it this way, the Hungarian crisis management was effective, in 2020 the Hungarian economy was falling below the EU average, and in 2021 the country was in the best position in the EU with growth data.

Among the regional and emerging countries, Hungary has devoted one of its resources to crisis management

The central bank governor confirmed. Since the beginning of the pandemic, the Ministry of Finance has mobilized about 9,300 billion HUF for this purpose, adding that this is roughly the same amount that will come into the country from the EU in the full seven-year EU budget cycle.

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György Matolcsy described Hungarian crisis management as credit-centric, as in 2021 the country will be at the forefront of business and retail borrowing among EU countries.

Gyorgy Matulcci, Governor of Magyar Nemzeti Bank, speaks at the Daily Global Economic Business Conference on Hungary’s relaunch (Photo: MTI/Szilárd Koszticsák)

Speaking of the endowment, he noted that the safety net should be reserved for those who really need help, who have kept their jobs or have a job again, they need to start paying their debts.

MNB will launch the Green Home Program as a continuation of the NHDP لبرنامج

announced the head of the central bank.

According to György Matolcsy, a new reform programme, a third plan by Kálmán Széll, will be needed for the country to win the 2020s contract after the 2010s. He also noted that the country’s economy was able to recover very quickly because the reforms that took place in the past ten years, including the first three, have matured and succeeded; Of the 56 major reforms, 43 had been launched or implemented by the end of 2013.

The Governor of the Central Bank also spoke at the end of his speech about the need to accelerate digitization, to accept the monetary revolution, in the spirit of which the Central Bank is also turning to digital money. He also noted the need for sustainability in all areas of life, participation in the rise of Asia, social transformation in the context of the technological revolution, and for a significant increase in the rate of smart investment. Data is the new oil – he stressed and noted that he also needs to fix the data.

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