Here’s PM Orbán's vision for Hungary's economic future: jobs, fighting inflation and growth

In this morning’s radio interview on Kossuth Radio's “Good Morning, Hungary” program, Prime Minister Viktor Orbán addressed the pressing economic concerns facing the country. With a focus on protecting jobs, reducing inflation, and fostering growth, Orbán outlined his plans for a prosperous future for Hungary.

PM Orbán began by acknowledging the challenge posed by the current inflation rate, set at 6 percent for the 2024 budget year. He emphasized that while this rate is high, it is the minimum they must strive to achieve. The prime minister expressed optimism that through diligent efforts, the rate could potentially be lowered to 5 percent. He highlighted the importance of maintaining momentum in job creation and ensuring that the current tens of thousands of unfilled job positions in Hungary are addressed.

PM Orbán praised recent successes in curbing inflation, attributing them to measures taken against price-speculating multinationals that had been driving unjustified price increases. He indicated that these steps had already set Hungary on a path toward single-digit inflation by year-end, and further progress could be anticipated, particularly in August.

PM Orbán said that Hungary’s economic strategy rests on three fundamental pillars: safeguarding jobs, combatting inflation, and promoting growth. He stressed that these aspects are intertwined, with job security being a foundation for achieving sustainable economic progress. The prime minister underscored that growth should be closely linked to wage increases, asserting that without growth, wage increments are impractical, and wage hikes play a significant role in counteracting inflation.

The post-war economic challenges have temporarily derailed Hungary's growth trajectory. Orbán candidly acknowledged a less favorable second quarter figure but expressed confidence in a rebound during the third quarter. His unwavering commitment to restoring Hungary's economic growth remains resolute.

Beyond economics, PM Orbán discussed the importance of hosting world events in Hungary, such as the World Athletics Championships. He articulated a broader vision for the country's prominence on the global stage, which has been gradually cultivated since 2010. At that time, Hungary was grappling with considerable challenges, but the subsequent transformation has been substantial.

His vision for Budapest is that of a thriving capital that beckons visitors from around the world. He highlighted the role of events that attract people and foster vital business and political negotiations. Orbán believes that Budapest has become a destination that people feel compelled to explore, underscoring its newfound status as a must-visit city.

Prime Minister Viktor Orbán's interview this morning shed light on his economic roadmap for Hungary's future. From managing inflation and sustaining job creation to fostering growth and hosting global events, PM Orbán's multifaceted approach aims to propel Hungary toward a more prosperous and influential position on the international stage.