Hungary’s economic output regularly surpasses the European Union’s expectations, Finance Minister Mihály Varga said at a meeting of EU finance ministers (Ecofin) in Luxembourg on Friday.
He said that the European Union expects the Hungarian economy to grow by 3.7 percent this year. The government’s GDP growth target, however, is 4.1 percent.
Hungary’s GDP Growth Tops Europe: The Keys to Its Success
Varga said that Hungary’s 2020 budget bill will continue to provide a predictable environment for economic players. It targets an annual economic growth of 4 percent and a budget deficit of 1 percent of GDP. The public debt will continue to drop next year and may fall below 60 percent of GDP by 2022, he said.
Hungary considers it unacceptable that the scope of the EU’s European Semester report has expanded over the past few years to include areas that have nothing to do with economic governance, such as judiciary issues, Varga said.
Featured photo by Tibor Illyés/MTI