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Finance Minister Sees Return to Pre-crisis Growth in 2022

MTI-Hungary Today 2020.10.08.

Finance Minister Mihály Varga said Hungary’s economy would not return to growth levels in Q1 2019 until the first half of 2022, speaking at an online conference organised by website Portfolio.hu.

Varga said the second wave of the pandemic would result in a W-shaped recovery.

He said Hungary’s economy had entered the crisis with strong fundamentals, and stimulus had shaved 3-4 percentage points off the contraction.

The minister added that policy makers would have to respond to changes in the way companies do business, such as using telecommuting and shortening supply chains.

Fall in Living Standards of 355,000 Hungarians Due to Coronavirus Crisis
Fall in Living Standards of 355,000 Hungarians Due to Coronavirus Crisis

By the end of August, there were 355,000 Hungarians whose standard of living had been negatively impacted by the coronavirus crisis, states a new analysis by the Hungarian Central Statistical Office. This metric was considerably higher in June at 450,000. The number of Hungarians with suspended social security, typically a consequence of having been sent […]Continue reading

Featured photo illustration by Lajos Soós/MTI