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Central Bank Governor Calls for Program to Boost Competitiveness

MTI-Hungary Today 2022.05.19.

The central bank is proposing a two-year “competitiveness program” to restore the economy’s “dramatically deteriorated” balance, governor György Matolcsy told a conference on Thursday.

Matolcsy said the new government would need to “find a formula for success” in a “decade of strong challenges”. He said the budget balance had toppled and the deficit was rising, which, aggravated by high inflation, could cause the country to “lose the next years” and compromise efforts aimed at closing the gap with other countries.

Finance Minister: Budget Needs to Be Amended to Maintain Deficit Target
Finance Minister: Budget Needs to Be Amended to Maintain Deficit Target

Varga said the government did not plan austerity measures or tax raises but "mulling other incentives".Continue reading

Featured image by Szilárd Koszticsák/MTI


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