The OECD Economic Survey of Hungary, published earlier today, presents an upbeat picture of the country’s macro-economic situation, Minister for National Economy Mihály Varga said at the press conference held after the presentation of the document.
The study is appreciative of the results of Hungarian economic policy: economic growth, debt reduction, the creation of jobs and measures aiming to mitigate the country’s exposure to external shocks, the Minister pointed out. The main conclusions of the Survey were outlined by OECD Secretary-General Angel Gurría, who visited Budapest to celebrate the 20th anniversary of Hungary’s OECD membership.
The timing of the publication of this Survey could not have been any better to show the upward curve of Hungary’s economic growth, Mihály Varga stressed. The Survey’s findings, he added, have confirmed the adequacy of reform measures and the organization paints an objective picture of the country’s progress since the crisis had been overcome and growth drivers had been put in place, up until the last three years, when economic growth could be accelerated.
The Minister said that while the Economic Survey two years ago only outlined some options, the current one confirmed not only the realization of those goals but even more than that. Among the achievements highlighted by the Survey, the Minister singled out the improvement in the country’s exposure, which has been facilitated by factors such as the phasing out of forex loans, placing the country’s government debt-to-GDP ratio on a downward path and current account surpluses.
Mihály Varga also underlined that the Survey acknowledged measures implemented in the field of public work and vocational education.
The Economic Survey predicts for 2016 that Hungary’s economic growth will slow down, the Minister said. Positive risks, however, usually stem from domestic processes, while negative ones are mainly external, and these can be triggered by the worse-than-expected changes in the global economy.
The Minister stressed that he agreed with the majority of recommendations, as these were in line with the Government’s long-term economic policy plans, but they also showed those areas regarding which Hungary had opportunities that could be used in the long term to facilitate growth.
It is not obligatory to implement the OECD’s recommendations, but these proposals can serve as relevant professional assistance for the planning of the economic policy measures of member countries, Mihály Varga added.
(Ministry for National Economy)
