Finance Minister Mihály Varga said Brussels has recognized that Hungary's economic relaunch is happening at a faster pace than in the other EU countries.
In a statement following a meeting of EU finance ministers (ECOFIN), the finance ministry said the European Commission has made a major revision to its Hungarian growth forecast, from 5 to 6.3 percent this year. Growth of 5 percent is expected next year as opposed to forecasts of 4.5 percent for the bloc as a whole. “We’re a step ahead of other EU countries,” Minister Varga said. The European Commission expects member states to return to pre-epidemic levels of growth by the end of 2022, he said, adding that this could be attained in Hungary this year. He added that the government is striving to hit its target of 5.5 percent economic growth.
Referring to the outcome of a G20 meeting of finance ministers and central bank governors, Minister Varga said Hungary far from accepted the related tax proposals of the Organization for Economic Co-operation and Development (OECD), adding that the government would continue to reject any kinds of solutions that curb fair tax competition. Meanwhile, Minister Varga said ECOFIN ministers have given the go-ahead to the Council of Ministers to adopt the first 12 national recovery plans assessed by the European Commission.