The good news is that the prospects for the Hungarian economy are favorable, we can return to a growth path of around four percent next year, but the bad news is that the economic loss of the European Union continues, the deteriorating competitiveness, the weak ability to attract capital, the loss of markets make it more difficult for Central Europe to with the effects of war-caused crisis and sanctions policy
said Mihály Varga at the Summer Camp in Gombaszög, Slovakia. In a panel discussion with his Slovakian counterpart, Mihály Horváth, the Minister of Finance emphasized that we can avoid a recession if we preserve jobs, protect the low level of taxes burdening work, and bring new investments to Hungary, Magyar Nemzet reports.
According to the ministry’s statement, the head of the department pointed out: due to the war in Ukraine and the sanctions imposed on it, the economy of the whole of Europe is headed for recession and has fallen into crisis. The government therefore adapted next year’s budget to these changes in order to protect families and the economy. The goal is clear: we must return to the pre-pandemic deficit and debt reduction path. This is clearly demonstrated by the fact that we have reduced the deficit, and will further improve it to 2.9 percent next year. The budget provides a predictable and planable basis for maintaining the growth path and improving balance indicators.
