Central bank governor: Hungary has failed to ‘overtake in the turn’
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Although Hungary has been more successful in managing the crisis than many of its European Union peers, it has failed to “overtake” competitors “in the turn”, National Bank of Hungary (NBH) governor György Matolcsy wrote in an article published on Monday.
By the end of 2021, Hungary was ranked 21st among the EU27 in terms of the level of economic development, down from 20th place at the end of 2019, Matolcsy wrote in the online edition of daily Magyar Nemzet.
Hungary has again been overtaken by Poland, he said, explaining that though part of this had to do with the share of the tourism sector in Hungary’s GDP, Poland had managed to jump ahead mainly thanks to the advantages of its more competitive economic model.
Hungary’s crisis management outperformed mainly the bloc’s southern member states, along with the Czech Republic, Slovakia and Romania,
the NBH governor said.
Hungary’s level of development reached 75 percent of the EU average by 2021, up from 72.8 percent in 2019, he said. This, he said, was “a far better performance” than the average rate at which Hungary had been catching up over the 30 years following 1990, and a faster rate than the annual 0.7 percentage point by which Hungary had been closing the gap on average between 2010 and 2019.
Central Bank Governor – Gyorgy Matolcsy – when he SPEAKS – all of Hungary – Should Listen.
It is OBVIOUS – that from within the “Inner Sanctum” of the present Government of Hungary especially the Finance Minister and “others” with Ministerial Portfolios that are Responsible for the Economic & Fiancial Management of Hungary – they are not LISENING.
The MAJOR categories – that are the CORE in evaluating – anaylsing – the current and expectations FUTURE – of a countrys – Economic & Financial position and performance – all these indicators – continue to trend in a DOWNWARD motion.
Borrowing against Rising Government Debt – that continues by the present Government of Hungary – in reading – the OPINIONS of Gyorgy Matolcsy – over the past (18) eighteen months – is an extremly Dangerous course of action – to pursue and venture on – that is the Practiced POLICY of the present Government of Hungary.
There is NO good news in the immediate future, that to componentry that make up the CORE in evaluation of a country’s Economy – that will slow down nor cease – the downward trend that Highlights – that the Economy of Hungary is in TROUBLE.
Central Bank Governor – Gyorgy Matolcsy – LISEN intently HUNGARY – when he SPEAKS.
Gyorgy Matolcsy would make a far better Finance Minister than the existing Finance Minister. He gives no spin, only information. No election propaganda, only facts. That’s a damn rare thing here.