Government’s communication shows no result, Hungary’s economy is plummeting
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Though the government says Hungary’s economy increases unprecedentedly, numbers do not support PM Orbán’s communication. Based on the data of the World Bank, Hungary fell behind in the last 25 years in the region.
According to 24.hu, the Orbán administration tried to sell Hungary as one of the most successful European countries economically. Meanwhile, inflation is at a 14-year peak, the forint is weakening, and the state budget struggles with a historic high deficit.
Based on the World Bank’s data, Hungary fell behind two places in the Central-Eastern-European region between 1995 and 2020.
The institution compared the economic development of 17 countries in CEE, taking GDP per capita.
The starting date is 1995 because that is from when the World Bank has data from all countries in the CEE region.
In 1995, Hungary was in fifth place if we take the GDP per capita. Slovenia was first in the CEE region, while the Czech Republic came second. However, the average Slovenian produced twice as much GDP as the average Czech (10,730 dollars vs 5,824 dollars). The third was Croatia, fourth Slovakia and fifth Hungary (4,495 USD per person). Interestingly, the Polish GDP per capita was only 82 pc of the Hungarian. However, thanks to liberal reforms, Warsaw was one of the fastest-growing economies of the CEE region in the last 25 years.
Poland developed by 150 pc between 1989 and 2019. Meanwhile, this rate was only 50 pc in Hungary’s case.
Estonia was well behind Hungary in 1995. But by 2020, Tallinn became the second most developed country in the region. An average citizen of the Baltic state made more than 23 thousand dollars in 2020. Experts say that Estonia profited a lot from their liberal education and economic reforms, and the digitalisation of the state. Meanwhile, the Hungarian GDP per capita grew only to 15,900 USD, which is only 69 pc of the Estonian number.
However, not only the Polish and the Estonians preceded Hungary. Latvia and Lithuania did so, too.
Pall leave media, they can portray things that suits you to hear.