Ambitious plans: these are the economic goals the Orbán cabinet wants to achieve by 2030

National Economy Minister Márton Nagy said the government expected GDP growth to reach 2-3 percent this year, presenting a strategy to boost the country’s competitiveness between 2024 and 2030. Here are the economic goals: 

Nagy said Hungary would not achieve 4 percent GDP growth this year because of a temporary weakening in its export markets. However, he added that the 4 percent growth rate is achievable from 2025 and can be sustained in the long term.

The minister said the competitiveness strategy was drafted based on feedback from close to 1,300 businesses. The economy needs “fine-tuning” rather than a “turnaround”, he added.

He said the government continued to work for Hungary’s development “to reach 90 percent of the EU’s” by 2030. Nagy said its employment rate must rise to 85 percent and the investment rate to 30 percent of GDP, including a corporate investment rate of 20 percent.

He said the economy must be “re-industrialised,” and goods exports need to climb to 100 percent of GDP. The minister added that the government wants Hungary to be among the 20 most competitive countries by 2030.

He said the government will work to “ensure a high-quality workforce,” incentivize mobility and training, raise real wages continuously and consistently, and reduce the wage gap. Credit schemes will further boost companies’ competitiveness, Nagy said.

Hungary’s competitiveness strategy also prioritises the development of Hungarian suppliers and the support of R+D+I, as well as strengthening Hungarian-owned industrial companies, he added.

Gergely Fabian, the state secretary for industry policy and technology, said the competitiveness strategy focused on boosting the vehicle industry to ensure that Hungary becomes a market leader in new technologies such as e-mobility. It also sees the food industry, health care, chemical industry, steel and plastics manufacturing as priority sectors, he said.

The strategy also focuses on information and communications technology and “the creative industry”, he said.

As we wrote today, Hungarian budget has collapsed in two months, the deficit is already huge, details HERE.

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