Hungarian finance minister augurs economic turnaround in first half of 2021

Finance Minister Mihály Varga projected the economy would turn around in the first half of next year as the recovery from the coronavirus crisis is slow across Europe, in an interview on public radio on Monday.

Although Hungary is in a better position than other European countries, the pickup will still be drawn out, Varga said on Kossuth Radio.

Hungary enjoys “favourable circumstances”,

he said, pointing out that the scale of wage growth and retail sales turnover have not dropped in a year-on-year comparison, and the labour market is performing well in international comparison, too.

He acknowledged that

export opportunities are limited as foreign markets will remain weak until a Covid-19 vaccine becomes available.

Varga said investments are expected to make up for lost jobs, in part, adding that the economy’s engines of growth, that is, the food, pharmaceutical and automotive industries, should be the focus of developments.

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Source: MTI