In the OECD Economic Survey of Hungary 2019, the organization acknowledges the economic achievements of the country, Minister of State for Financial Affairs Gábor Gion of the Ministry of Finance said at the presentation of the study earlier today.

The survey was presented jointly by the OECD’s Director of Country Studies Branch Álvaro Pereira and the Minister of State.

The survey, published periodically every one-and-a-half or two years, acknowledges the achievements of the Hungarian economy, which is characterized by balanced and strong expansion that has been driven by robust domestic demand on the back of rising wages and outstanding investment activity.

In accordance with the organization’s recommendation, Hungary has pursued a prudent fiscal policy and made a long-term commitment to reducing general government debt, Gábor Gion emphasised. The dynamic growth in the employment rate, he added, now also applies to low-skilled people and women. There are still labour reserves on the market, and in order to utilize these pensioners are now allowed to work without paying social contribution and day-care facilities help mothers with small children to land a job, just as the survey proposes it, the Minister of State pointed out.

The OECD also finds that issues associated with an ageing society are posing a long-term challenge, a topic to which the Government of Hungary has been paying special attention. The year 2018, for example, was declared to be the year of families, and the Government has also conducted a national consultation survey with the aim of finding the right instruments with which the risks of an ageing population could be mitigated, Gábor Gion said.

In the chapter on growth in the region, the OECD highlights the opportunities provided by the development of tourism, the importance of integrating local enterprises into global value chains and, to this end, the importance of further improving skills demanded by the labour market. The latter should be underpinned by the transformation of the vocational education system.

In order to promote the aforementioned conclusions and draw attention to the survey’s regional development focus, the OECD delegation is scheduled to present the study also in the cities of Székesfehérvár and Sátoraljaújhely.

(Ministry of Finance)