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Former central bank governor: Average economic growth sustainable for now

Former central bank governor: Average economic growth sustainable for now

Budapest, May 14 (MTI) – Hungary can maintain slow economic growth which is of a medium rate in a regional comparison for now, thanks to European Union subsidies and improvement in terms of trade, György Surányi told the Saturday issue of daily Népszabadság.

The former central bank governor said the current rate of growth however will lead to the country lagging behind in the longer run.

Central bank’s monetary policy in the past 15 years have sided with goals and tools which did not serve the country’s economic interests, Surányi said, adding that the past three years have seen some improvement after 12 years of “mistaken policies”. He said next to budgetary and incomes policies which bore prime responsibility for the “dangerous decline” in the economic-financial balance in 2006, monetary policy also contributed. This near-crisis situation was not handled well in the following period, when the global crisis made its serious and inevitable impact, he said.

Surányi was governor of the central bank in 1990-1991 and 1995-2001.

Source: http://mtva.hu/hu/hungary-matters

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