The government remains committed to its tax reduction policy.Continue reading
In a recent statement, László Parragh, President of the Hungarian Chamber of Commerce and Industry (MKIK), expressed optimism about the country’s economic outlook for 2024.
Despite challenges faced in 2023, including the Russian-Ukrainian war, sanctions, and economic disruptions,
MKIK anticipates a 4-5% growth
in Hungary’s economy in 2024, in contrast with a 0.3% decline in 2023.
Mr. Parragh highlighted the impact of the war and sanctions, attributing serious losses to the Hungarian economy. Factors such as soaring energy prices, high inflation rates (17.7% in 2023), and increased interest rates contributed to economic challenges. The chamber president criticized the assumption of budget revenue growth in line with inflation, pointing out a HUF 1,000 billion (EUR 2.6B) shortfall in VAT incomes due to monetary deterioration and a significant drop in consumption.
Emphasizing the crucial role of EU funds in economic policy, Parragh stressed their contribution to development, balance of payments improvement, public finance support, debt reduction, economic growth stimulation, and enhanced competitiveness.
He underscored the importance of unhindered access to EU funds in reducing country risk.
Parragh praised MKIK’s effective and successful work, particularly in the areas of foreign trade and vocational training.
The chamber operates ten chapters and ten business councils, collaborating with around 500 exporting enterprises to promote foreign trade.
In vocational training, MKIK plays a significant role in ensuring a well-trained workforce for businesses, organizing competitions to enhance professional skills.
Highlighting Hungary’s success in the European Skills Championships (EuroSkills Gdansk 2023), Parragh noted MKIK’s application to host the 2028 WorldSkills competition. He expressed confidence in Hungary’s vocational training system, ranking among the top three in Europe.
Via MTI; Featured Image: Facebook / Magyar Kereskedelmi és Iparkamara