According to Mihály Varga, no changes in the financing plan are expected during the next five to six months.Continue reading
The war and sanctions have inflicted substantial damage on the economy, contributing to a 5.8% year-on-year decline in industrial production in November 2023, as reported by the Hungarian Central Statistical Office (KSH).
Despite this, government measures and global economic improvements are expected to revive industrial production in the upcoming months. Factors such as domestic demand recovery, rising real wages, anticipated minimum wage hikes, reduced inflation, and the positive impact of interest rate policies are poised to drive this turnaround.
The government aims to achieve 4% GDP growth in 2024,
by boosting confidence, increasing consumption, enhancing labor market activity, and revitalizing domestic production and investment.
To support the strengthening domestic economy, the government plans to implement significant instruments in 2024, including the expansion of the Széchenyi Card Program and increased funding for the Baross Gábor Industrialization Loan Program and the Food Industry Supplier Development Program.
Via MTI; Featured Image: Pixabay