Hungarian Economy Minister: Goals and growth momentum are to remain the same

The economic policy objectives of the Government are unchanged: robust and sustainable economic growth, financial stability, full employment, to reduce government debt, cut taxes and raise wages, Minister for National Economy Mihály Varga said at the annual staff meeting of the Hungarian Banking Association.

Besides the strengthening of families and maintaining their safety, the new Government is prioritizing sustainable development and the improvement of competitiveness, he noted. He confirmed that PM Viktor Orbán has asked him to continue in his post as minister and become the head of the economic cabinet.
Due to the inadequate economic policies of prior governments, by the middle of the 2000s Hungary had lost its position as the region’s economic powerhouse and instead of achieving high growth the gap with regional peers began to widen. However, efforts since 2010 have enabled Hungary to become the leading force of the region again, the Minister stated.

Facts such the 4.2 percent GDP growth last year, the decrease of the government debt-to-GDP ratio from about 80 percent in 2010 to 72 percent now and the decision of all three major credit rating agencies to have restored Hungary’s investment grade status have created a firm foundation for that, he added.