Our common goal is to create a strong Hungarian economy that will enable us to take our place among highly-developed industrial countries, Minister for National Economy Mihály Varga said at a conference of the Hungarian Chamber of Commerce and Industry.

As he pointed out, the next few years will be crucial for Hungary’s long-term competitiveness.

We must pursue an ambitious economic programme which every economic stakeholder can join in Hungary, he said. The Hungarian economy must be placed on a path that is capable of securing dynamic growth without substantial external funding. To this end, debt levels must be further reduced, while investment and development growth must be safeguarded and fiscal prudence must be maintained, he stated. Among the goals of the near future he mentioned a zero-deficit central government budget.

Hungary has been performing well not only in comparison to its former self, but also in internationally, the Minister noted. In 2014, the economy posted GDP growth of 3.7 percent, followed by 2.9 percent growth in 2015 – above the EU average. Last year, the industrial sector grew by 7.5 percent. In order to maintain the current pace of growth, he added, the vocational education system must be modernized and red tape for enterprises must be cut.

Speaking of challenges in coming years, Mihály Varga said that industrial development would serve as the guarantee of economic growth. The Government’s new industrial policy blueprint, the Irinyi Plan, has been formulated upon this principle: the programme aims to increase the industrial output-to-GDP ratio from the current 24 percent to 30 percent by 2020.

(Ministry for National Economy)