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Hungary Can Learn from UAE’s Success, National Bank Governor Matolcsy Says

MTI-Hungary Today 2021.04.20.

György Matolcsy, the governor of the National Bank of Hungary (MNB), has said Hungary should look to the United Arab Emirates as an example for achieving economic success.

The UAE is a regional leader in some 100 indicators of development and is seen as the world’s most efficient country, Matolcsy said in an op-ed piece published on the website Novekedes.hu.

The key to its success is a vision of a country living in peace and security. Over the decades, the UAE’s leaders had envisioned their country as one that is open to the rest of the world, guarantees equality for its people, governs itself by the rule of law and gives people equal opportunities when it comes to jobs, investments, education and bringing out their creative talents, he said. The UAE admits that its politics are controlled by its economy, and therefore has zero tolerance for corruption and uses the state for building a favourable business environment, allowing businesses to prosper, the governor added.

The UAE, and more specifically, Dubai has embraced a strategy based on diversity, Matolcsy said.

“The world of skyscrapers is home to media districts, an internet quarter, tech labs, state-of-the-art ports and airports, an aluminium processing corporation, a dynamic housing market, world-class hotels and restaurants as well as both an Islamic and Western banking sector,” he said.

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Dubai made itself into a metropolis between 1971 and 2020, while the value of the dollar fell to one-eighth of its initial value, Matolcsy said.

The example of the UAE and Dubai shows that nothing is impossible, the governor said.

featured image via Lajos Soós/MTI