Orbán predicts major shift in Western politics: ‘Pro-peace, anti-migration’ forces to gain majority in Europe and US

He said Hungary was home to the most advanced automotive plants as well as factories that produce parts for the aviation industry, while defence industry capacities have also been expanded. “So there’s nothing wrong with Hungarian industry,” he said.

Orbán said Hungary had “achieved a fantastic level” in terms of industrial production over the last 14 years. “Our factories are advanced, most of the managers are now Hungarian, and the foreign companies also have fantastic staff who run these plants to the highest global standard,” he said.

The problem, he said, concerned trade, explaining that the products coming out of these plants had to be sold, but the global market was in trouble, “and the European market especially so”, which is why a policy of “economic neutrality” was needed.

“Hungary isn’t producing less because it doesn’t have good factories, workers or technology, but because there’s no demand,” he said. “That’s how the global economy works … but there’ll be a huge need for these products, especially electric vehicles, in the global economy.”

The prime minister said that after this year’s slowdown, the economy would grow by 3.5 percent next year because major plants would begin firing up. He added, however, that if Hungary “is unlucky”, global trade would be down, and the country would not be able to export what it produces.

Orbán said the government expected production at BMW’s plant in Debrecen and the Chinese electric vehicle plant near Szeged to contribute to Hungary’s economic growth next year.

Orbán said the world economy “will right itself somewhat” and Europe may also see improvements, so trade problems were likely to be ironed out.

Hungary must maintain “economic neutrality” to ensure its “world-class” products can be purchased in the East if demand wanes in the West, he added.

The prime minister said the Hungarian Chamber of Commerce and Industry, which now has a new head, was the government’s most important partner for ensuring economic growth, wages, jobs, and vocational training, and he hailed the chamber’s achievements over the past 14 years, adding that he looked forward to working with the organisation’s new president.

The government, he said, did not want to interfere in wage negotiations, which were up to employees and employers to thrash out. Orbán added that hopefully they would agree on a three year deal which would maximise predictability.

Regarding government loan subsidies, the prime minister said the country was now at the point that it could provide support for young workers as well as students.

He said loans must be linked to work as “we don’t want to support the indolent”. But most people wanted to learn a trade and use it in gainful employment, he added, noting the introduction of a virtually interest-free, 10-year loan of 4 million forints for 17-25 year-olds. Those raising a child can suspend repayment for 2 years after the first child and another two-and-a-half years after the second; the whole debt is forgiven after three children, he noted.

Regarding the Sándor Demján support scheme for small entrepreneurs, he said generally small businesses everywhere faced difficulties, and the scheme would help them secure capital. The state will invest by providing a deposit loan to such businesses, with a view to expanding their size and opportunities, he added.

The prime minister said EU tenders were underway and would soon be announced, and in contrast to the “horror stories” claiming the cupboard was bare, 12 billion euros “are in our account, waiting for entrepreneurs to take these funds…” Orbán said the government targeted growth of 3-3.5 percent next year, and SMEs, as well as large companies, would contribute to it.

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