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Government announced ambitious plans concerning growth in 2024
The government targets growth of 4 percent next year, Márton Nagy, the economic development minister, said in a video posted on Facebook on Friday.
To that end, Nagy said the government would work to restore consumption. Besides higher real wages, “people’s trust must be strengthened and caution eased,” he said.
Domestic production must also be restored, Nagy said. To keep the investment rate above 25 percent, Nagy said the government plans to launch a new credit scheme.
It is also working on a targeted programme to boost the labour market, and raise the ratio of active workers to 85 percent from 78 percent in the 16-64 age group, he said.
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Pronouncements by the Fidesz government lack credibility and are endlessly unrealistic in their optimism. The Fidesz GDP growth target for 2023 was 1.5% and so far as of Nov 15th Hungary has had negative 0.7% year over year growth. The EU GDP growth forecast for Hungary for 2024 is 2.4%. Fidesz reminds me of patriotic socialist era governments of the 70s making bold assurances that the nation will prosper while the populace just manages to scrape by.