Márton Nagy, Minister for National Economy, has said the government expects the economy to grow by 2-3% this year.
Presenting a strategy to boost the country’s competitiveness between 2024 and 2030, Minister Nagy said Hungary would not achieve 4% GDP growth this year because of a temporary weakening of its export markets. The 4% growth rate is achievable from 2025 and can be sustained in the long term, he added. The competitiveness strategy was drafted based on feedback from close to 1,300 businesses, the minister said. The economy needs “fine-tuning” rather than a “turnaround”, he added. The government aims to Hungary’s development index “to reach 90% of the EU’s” by 2030, he said. Its employment rate must rise to 85% and the investment rate to 30% of GDP, including a corporate investment rate of 20%. The economy must be “re-industrialised” and the export of goods needs to climb to 100% of GDP, he added. The government wants Hungary to be among the 20 most competitive countries by 2030, the minister added. The government will work to “ensure a high-quality workforce”, incentivise mobility and training, raise real wages continuously and consistently, and reduce the wage gap, he said. Companies’ competitiveness will be further boosted by credit schemes, Nagy said. Hungary’s competitiveness strategy also prioritises the development of Hungarian suppliers and the support of R+D+I, as well as strengthening Hungarian-owned industrial companies, he added.