Sep 16, 2016

Hungary could double its economy by trading with China

Trading on the Silk Route could lead to a 100 billion euro boost to the Hungarian economy

Hungary could double the size of its economy by opening toward the Silk Route, the central bank governor has said.

The move would lead to a 100 billion euro boost to the economy, the centrral bank's György Matolcsy told economists at a recent conference.

Addressing the 54th annual meeting of economists, which meets in a different location each year, Matolcsy said that 64 countries are located along the Silk Route, starting with China.

Adding that two-thirds of the world’s population live in those states, which produce some 40 percent of the global gross domestic product (GDP), he added.

The Hungarian central bank has already opened towards China, by signing agreements with major Chinese banks, he said.