• Coronavirus in Hungary
  • Budapest
  • Hungary border control
  • HelloMagyar
EnglishFrenchGermanSpanish
EnglishFrenchGermanSpanish
Hungarian Economy Minister: Goals and growth momentum are to remain the sameHungarian Economy Minister: Goals and growth momentum are to remain the sameHungarian Economy Minister: Goals and growth momentum are to remain the sameHungarian Economy Minister: Goals and growth momentum are to remain the same
  • Politics
  • Business
  • Society
  • Sport
  • Culture
  • Special Hungary
  • News To Go
  • World
  • Contact Us
  • About us
  • About us
  • Contact Us
  • Privacy Policy
✕
Breaking News
Support us
Daily News Daily News · 21/04/2018
· Business

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

economy labour market
Ecoomy minister Mihály Varga Hungary

Budapest, 2018. április 20. Varga Mihály nemzetgazdasági miniszter beszédet mond a Magyar Bankszövetség éves testületi ülésén az Unicredit Bank székházában 2018. április 20-án. Elõtte Patai Mihály, a Magyar Bankszövetség elnöke, az Unicredit Bank Hungary Zrt. elnök-vezérigazgatója, Gerhardt Ferenc, a Magyar Nemzeti Bank alelnöke és Vida József, a Takarékbank elnök-vezérigazgatója (b-j). MTI Fotó: Kovács Attila

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.

These results will also help maintain economic growth of some 4 percent in coming years – above the EU average –, reduce government debt to 60 percent of GDP and cut payroll taxes to a level below that of our regional peers. Election results have also shown that economic policy has been competent.

Speaking of achievements in employment, Mihály Varga said that the number of people in employment had risen from 3.7 million in 2010 to almost 4.5 million now, and the respective unemployment rate had fallen from 12 percent to 3.8 percent.

Existing labour market reserves — such as employees in public work schemes, those working abroad of whom more and more people are returning home due to rising wages, women and certain groups of elderly people – will help the Government make good on the promise of 1 million new jobs made in 2010, Mihály Varga pointed out. The transformation of the vocational education system has been effective and necessary for the economy, and the role which enterprises are playing within the system must be accordingly strengthened.

Photo: MTI

Source: Ministry for National Economy

economy labour market
Share
Daily News
Daily News

Leave a Reply

Your email address will not be published. Required fields are marked *

SUPPORT US

Subscribe to our newsletter

Sign up to receive daily updates, news & stories about Hungary!

Select your location below or enter your country so we can deliver our morning newsletters to you in time.


Thank you!

You have successfully joined our subscriber list.


.

Latest news
  • Significant price hikes expected at Lake Balaton this summer
  • Surprising: Hungarian minister named this country one of Hungary’s closest military allies
  • PM Orbán: NATO may officially enter the war in Ukraine this spring
  • International Holocaust Remembrance Day marked in Budapest
  • What happened today in Hungary? – 27 January, 2023
  • PHOTOS, VIDEO: 2 Hungarian among the 11 most endangered monuments and heritage sites in Europe!
  • European Football Association UEFA bans Greater Hungary flags
  • PHOTOS: Hungary’s biggest hotel will open soon in Budapest

About us

Contact us

Copyright rules

© 2023 DailyNewsHungary. All rights reserved! | Server and development by Svigelj Levente E.V