During the coronavirus pandemic, Hungary’s economy has shown itself to be among Europe’s most resilient, thanks to policies in the past twelve years focused on tax cuts and investment promotion, Péter Szijjártó, the minister of foreign affairs and trade, said on Friday, opening a logistics centre for a Hungarian-owned tyre wholesaler.
The state supported the 5.5-billion-forint investment (€ 15 million) creating fifty jobs with a 693-million-forint (€ 1.9 million) grant, the ministry said, noting that Szijjártó attended the opening of Marso’s centre in Dunaharaszti, near Budapest.
Szijjártó said the status quo had been upturned in every area in the wake of the pandemic, creating immense global competition. This sets in stark relief which countries are best placed to exploit new opportunities which have arisen accordingly.
“Hungary belongs among the winners of the new global economy,” he said. “We have been able to put the changes to our advantage.”
Szijjártó cited a successful vaccination campaign which enabled Hungary to reopen six to eight weeks earlier than other European countries last year, while its economy, he added, returned to its pre-pandemic level of output by the end of the summer.
Current projections show that the global economy will achieve the same only by the end of 2022, he added.
The government has implemented one of the largest investment promotion schemes of all time and financed the preservation of jobs instead of spending money on policies underpinning unemployment, he said.
An internationally competitive category of Hungarian companies has emerged, he said. Hungarian-owned companies now form the backbone of the economy, reducing its international exposure, he added.