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The European Commission is ending the Excessive Deficit Procedure against Hungary, recognizing the country’s economic performance and commitment to increased defense spending, reports The European Conservative.
The EU’s acceptance of Hungary’s defense spending—which is a factor in its budget deficit—is unusual, and suggests a strategic shift in Brussels’s approach in light of the Ukraine war. Moreover, based on the article, the Hungarian economy has shown stable growth over the past 15 years under the Fidesz government, during which time GDP per capita has increased by 46.4 percent.
The author notes that Viktor Orbán’s government has improved the trade balance by attracting foreign investment, thereby preventing the return of persistent trade deficits.
Photo: Eurostat
The author adds that the termination of the Excessive Deficit Procedure signals an improvement in relations between the EU and Hungary, which also underpins the stability and growth trajectory of the Hungarian economy.
Via The European Conservative; Featured photo: MTI/Miniszterelnöki Sajtóiroda/Benko Vivien Cher