Changes in the global economy do not necessitate a modification of the Government’s economic policy, Minister for National Economy Mihály Varga said at an economic conference organized by HG Media in Budapest. Using Hungary’s political and economic stability as a stepping stone, we must utilize the opportunities we have spotted or created, the Minister noted at the event, where participants discussed the outlook of the Hungarian and global economy.
The European Union must concurrently tackle growth and competitiveness challenges, unfavourable demographic trends, effects of the Brexit and migration-related safety concerns, Mihály Varga pointed out. Slowing economic growth prevails in the EU and all over the world, and the Government’s formerly much-criticized stimulus measures are becoming appreciated. They have creating sufficient fiscal manouvering room for investment and job incentives.
Our objective this year continues to be to help narrow the gap with highly developed industrialized countries, he said. Therefore, the Government is aiming to bolster competitiveness, improve employment indicators especially through quality jobs and to support Hungarian enterprises.
Speaking of economic outlook, the Minister stressed that this year and next are seen as periods of robust growth in Hungary. The rate of expansion may be increased by improving productivity, technological development and capacity growth, he added. This process may only succeed if Government objectives are in line with the plans and opportunities of enterprises. The Government is prepared to foster growth through special programmes, regulatory changes and funding.
(Ministry for National Economy)
