It is in the best interest of each stakeholder within the Hungarian economy to operate in a sustainable economic environment, Minister for National Economy Mihály Varga said at a conference commemorating the 30th anniversary of the establishment of Hungary’s Joint Venture Association (JVSZ).
Following a consolidation period in past years, economic growth has been visibly picking up since the second half of 2013. The big question of 2016 is how large expansion can be this year, he noted. Hungary’s economic growth is expected to exceed the EU’s average growth rate also this year. In 2016, special attention must be paid to global economic trends, and fending off potential risks will require cooperation between the Government and the private sector.
In the initial three quarters of 2015, the Hungarian economy grew by 2.8 percent year-on-year, the Minister said, adding that subdued inflation, the Government forex debt relief schemes, rising wages in real terms as well as improving employment have all contributed to the 2.7 percent consumption growth.
The Minister considered it a major achievement that in the initial nine months of the year the country saw investment of more than HUF 3400bn, and thus the investment rate exceeded 21 percent.
In order to maintain balanced economic growth, the country needs a strong, competitive, modern and increasingly diversified industrial sector, the Minister emphasised. In 2015, industrial output growth is expected by the Government to be about 7-8 percent, Mihály Varga said. The latest data of 9.5 percent growth from November 2015 signal a positive outlook.
Expressing appreciation of JVSZ activities spanning over three decades, Mihály Varga stated that the oldest Hungarian advocacy and lobby organization representing domestic and foreign enterprises has been instrumental in improving the competitiveness of the Hungarian economy through supporting investment growth, fostering innovation and presenting pro-transparency proposals.
(Ministry for National Economy)
