Hungary’s economy could grow by 1.8-2.2 percent this year and 3.5 percent could be achieved “by all means” next year, the finance minister said on Wednesday.
Hungary’s economic growth third highest
Mihály Varga told commercial channel M2 that it was “good news” that in a European comparison, Hungary’s second quarter growth figures were the third highest behind Portugal and Spain.
The Russian-Ukraine war continues to weigh on European economies, with competitiveness problems and high energy prices also having an effect, he said. Germany’s struggle with its own challenges and a crisis has also dragged Hungary down, Varga said. He expressed hope that the next half year would see Germany returning to economic growth, which in turn could boost Europe.
He said he was optimistic about the future, with all international forecasts showing significant growth in the Hungarian economy. The economy will expand in the second half, but developments in the US will be decisive, he added.
2025 will see an even higher growth
Varga said that 3.5 percent economic growth was feasable by all means for 2025, with 1.8-2.2 percent being a realistic projection for this year. An uninterrupted inrease in real wages for the past 9 months and expanding consumption also support growth, he said.
Hungary received investment grade rating from rate setters in May-June, and the government measures of June will help maintain the positive ratings in the autumn, he said.
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2 Comments
The Real Person!
The Real Person!
They promise growth every year and then finish the year explaining why Hungary didn’t have growth but things will be so much better in another year’s time. The big problem is that critical mainstream media does not exist in Hungary to point out to the public the government’s complete lack of credibility.
The Real Person!
The Real Person!
Mihaly Varga – the Minister of Finance in the Orban -Fidesz Government, what is blatantly OBVIOUS, as the years have “passed on by” – what’s has HE achieved ???
DEBT – just built DEBT on Hungary – debt that comes back to the citizens of Hungary to pay for out of there taxes.
Varga – hasn’t CREATED, masterminded Economic or Financial Policy’s to keep, maintained Government DEBT to a sustainable manageable percentage of the overall Hungarian Balance Sheet.
Varga – just has BUILT on DEBT – kept GROWING Debt – principally “signing off” on the practice to BORROW fund’s in an effort to “cover” his arse, through his “stuffed” Economic & Financial policy’s – that have been DISASTEROUS.
Government Debt, proportion against the factual earnings INCOME of a Government – what we have is – the CREATION of Varga is the HUMONGOUS differential, between Debt & Income, that comes back on the ‘Shoulders” of Citizens who have to CARRY this Debt – pay it off over years, possible decades, the way Varga has and continues in his BORROWING.
We the citizens – from our taxes – pay on and on – for this RISING Debt(s) – this Varga “stuff up” that he continues to exhibit to “all and sundry” in Hungary, in Europe – the European Union and Globally, in his gargantuan FAILINGS as the Minister of Finance – in the – Orban – Fidesz Government of Hungary.
Earnings/Income – the generation producing of INCOME into the Balance Sheet of this Orban – Fidesz Government – can’t “counter balance” the MASSIVE debt in Borrowings plus the rate(s) of Interest, that have been CREATED by the Orban/Varga – the Fidesz Government of Hungary.
Appalling – and what have we been DELIVERED – LEFT with – to bear and wear on our shoulders as citizens, pay for out of our taxes, that’s WORSENING as to what the END – what will be the end and what will bring about the END ???
What will the end look like ???
GHASTLY.