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President of the Hungarian National Bank complained at The Economist

President of the Hungarian National Bank complained at The Economist

According to napigazdasag.hu, Gyorgy Matolcsy wrote a letter the editor in chief of the British The Economist. The President of the Hungarian National Bank (MNB) criticized that the Hungarian macroeconomic indicators, which have become favorable unlike the previous ones, are not published by the newspaper for some reason.

“On the one hand, as the regular reader of your paper for several decades, on the other hand, as an active economic policy specialist, I would like to express my dissatisfaction” says the letter, which was sent by Gyorgy Matolcsy to the editor in chief of The Economist. The President of the MNB said, he follows the newspaper’s analyses about macroeconomical and financial market processes using a wide range of actual data with great interest. In the interpretation of these articles, summary tables at the end of the journal are helpful, which provide the reader with several essential information in 2 pages.”

“However, I was surprised in connection with these tables, that contrary to the previous practice, Hungary’s macroeconomic indicators have been missing since your issue released on April 25 – the letter says. Gyorgy Matolcsy recalled that the world economic crisis in 2008 reached the Hungarian economy in an extremely vulnerable state. The government formed in 2010 started a comprehensive stabilization and reform program, which aimed the restoration of Hungary’s financial situation and the restart catching up. The President of MNB mentions that the measures contained several non-traditional steps and almost constantly stood in the forefront of international attention. The newspaper analyzed the Hungarian political, financial, economic and social events in several longer articles in recent years. Additionally, there were summary tables at the end of the journal, which made Hungary comparable with the other countries.

According Gyorgy Matolcsy, the increasingly dynamic economic growth, the strong and sustained external and internal balance indicators, the trended declining debt rates and the stable low inflation all suggest that the crisis management measures implemented in Hungary were successful. It is also recognized by a wide range of domestic and international analysts. According to the President of MNB, it is incomprehensible so too that the newspaper doesn’t present these data, while the Czech Republic, which can be comparable to Hungary in many ways, is presented.

“The leaving of the data adversely affects the assessment of the Hungarian economy. Moreover, its timing gives the impression as if The Economist would like to make available the data, which undoubtedly proved the existing problems of Hungary in the past, but wouldn’t like to do so with the data proving the success of recent years – Gyorgy Matolcsy wrote. According to him, it narrows the possibility that the investors, who are present our country, or the business operators thinking of future investments could trace the evolution of the Hungaryan economy’s processes. Therefore, the President of the MNB asks the editor in chief to include the Hungarian data in the future again.

based on the article of napigazdasag.hu
translated by BA

Photo: MTI

Source: http://www.napigazdasag.hu

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