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Jan 20, 2020

Finance Minister: The Hungarian economy is poised for yet another strong year

Mihály Varga said the government is preparing to enact a range of measures aimed at restructuring the economy and promoting investments and employment.

The finance minister has said the Hungarian economy is poised for yet another strong year.

During an interview with Magyar Hírlap, Mihály Varga said the government is preparing to enact a range of measures aimed at restructuring the economy and promoting investments and employment.

Minister Varga said tax cuts are also set to continue, as are the measures designed to encourage home purchases and renovations. Following last year’s roughly 5 percent GDP growth rate, the government expects growth to slow this year to around 4 percent, he added.

The minister said though Hungary has one of the lowest unemployment rates in the European Union, the government aims to continue boosting employment. “By our calculations, there is still room for some 300,000 more people on the job market,” he said.

Minister Varga said the government also wants to further reduce the tax and administrative burdens on businesses. “Wages are continuing to rise in the private sector and public institutions must also keep up with this trend," he said.

Photo credit: kormany.hu