Hungary’s economy has been placed on a growth path that is much more balanced and faster-rising than it was before, but the narrowing of the economic gap with developed countries necessitates further productivity and competitiveness growth, Minister for National Economy Mihály Varga said, following the first session of the National Competitiveness Council. And through the increase of competitiveness, the Minister added, the Government wants to see further wage increases.
The substantial reduction of burdens shouldered by enterprises through the measures laid down in the six-year agreement on wage increases and payroll tax reduction is to boost competitiveness, support corporate projects and enable the hiking of wages for highly productive labour force without denting corporate profitability, the Minister noted.
At the first meeting of the Competitiveness Council, the main topic was the improvement of the regulatory environment of businesses. Besides issues such as the establishment of enterprises, building permits and taxation, bankruptcy procedures have also been discussed.
Chaired by the Minister for National Economy, the Council is scheduled to convene three times in the spring. The Council consists, besides the Minister, of AmCham President Farkas Bársony, Szent István University Professor Emeritus and National University of Public Service Private Professor Magdolna Csath, Hungarian Investment Promotion Agency President Róbert Ésik, MOL Group CEO Zsolt Hernádi, McKinsey&Co Budapest Office Managing Partner Levente Jánoskuti, German-Hungarian Chamber of Industry and Commerce President Dale A. Martin and Hungarian Chamber of Industry and Industry President László Parragh.
(Ministry for National Economy)
