The fact that the World Bank has once again upwardly revised the growth outlook of the Hungarian economy in comparison to the previous estimate prognosticated in the spring report vindicates our economic policy measures, Minister for National Economy Mihály Varga said at the sidelines of the annual meeting of the International Monetary Fund and the World Bank in Washington, which the Minister attended as head of the Hungarian delegation.
At the session, the Minister and World Bank Vice President for Europe and Central Asia Cyril Muller signed a Technical Assistance Agreement. The scheme is designed to help the National Labour Office to provide customized assistance and services for jobseekers that are better tailored to their real-life situation and actual needs, he noted, thus easing labour shortages. Also in the future, the Minister added, Hungary will continue to rely on the World Bank’s expertise in the realization of Hungarian labour policy objectives.
Mihály Varga had been invited by IMF Director Poul Thomsen to participate in a meeting of finance ministers and central bank presidents from Central and Eastern as well as South-eastern Europe called to discuss the economic situation and outlook of the global and regional economy. Although the global economic outlook prognosticated by the IMF has turned more upbeat, the current economic upturn is seen by the organization as a good opportunity for the decision-makers of countries to continue to mitigate existing risks and implement long-term pro-growth structural reforms without having to pay a high social price. As Mihály Varga pointed out, the fact that in the latest economic report the IMF, along with credit rating agencies, market investors and analysts, has also upwardly revised the growth outlook of the Hungarian economy shows the adequacy of Hungary’s economic policy.
Minister of State for Financial Affairs Ágnes Hornung held talks with representatives of international credit rating agencies and various financial institutions, and she attended a meeting for priority investors organized by Bank of America Merrill Lynch. At these events, participants had an overview of Hungary’s macro-economic, growth and fiscal situation and outlook. Ágnes Hornung also met with members of the US-Hungary Business Council (USHBC) to have an update on actual bilateral relations. Investors, analysts and investment fund managers were highly optimistic about the current and future situation of the Hungarian economy as well as economic policy priorities, the Minister of State said.
(Ministry for National Economy)
