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Prime Minister Viktor Orbán’s recent remarks at the Economic Year 2024 opening event of the Hungarian Chamber of Commerce and Industry showcased his optimism regarding Hungary’s economic policy and military readiness.

Mr. Orbán emphasized the critical importance of adhering to simple, common-sense principles in economic management, firmly stating that,

We must ensure that simple, common-sense considerations do not disappear behind economic policy.”

His statements reflect the government’s steadfast commitment to pragmatic approaches amidst formidable global economic challenges and geopolitical tensions.

Building on the Prime Minister’s outlook, Minister of Finance, Mihály Varga, expressed his confidence in the nation’s economic trajectory. Mr. Varga highlighted several positive trends indicative of the country’s economic resilience and growth prospects, noting,

improvements in external financing capacity, a declining consumer price index, and rising real wages are clear indicators of the positive momentum within the economy.”

Minister of Finance, Mihály Varga. Photo: MTI / Máthé Zoltán

His remarks underscored the government’s concerted efforts to foster fiscal responsibility and enhance confidence in financial stability. Moreover, the Minister of Finance reaffirmed the government’s commitment to reducing the public deficit below 3% in the coming years, stating:

We are resolutely committed to driving down the public deficit (…).”

He also highlighted stable financing through increased household investment in government securities, reflecting a robust endorsement of Hungary’s financial instruments. Building on Mihály Varga’s previous remarks, the Prime Minister emphasized the necessity for Hungarian businesses to generate adequate profits from foreign investments, stating,

Hungarian businesses must ensure adequate profits from foreign investments, with an average yield of EUR 1.3-1.5 billion from such ventures.”

Furthermore, Mr. Orbán discussed plans to address the budget deficit, which currently stands at 6.5%, outlining a strategic approach to gradually reduce it. “We aim to reduce the budget deficit to 4.5% in 2024, followed by further reductions to 3.7% the following year, and eventually reaching 2.9%,” he asserted.

Minister of National Economy, Márton Nagy. Photo: MTI / Máthé Zoltán

Minister of National Economy Márton Nagy  contributed to the discussion by outlining key strategies for economic recovery. “Easing household caution to stimulate consumption and mitigating business reticence to foster investments are pivotal for our economic revival.”

In his views, to propel sustainable growth and prosperity, the importance is on addressing critical economic challenges.

Prime Minister Orbán further underscored the imperative of geopolitical preparedness amid the Russia-Ukraine conflict, emphasizing:

We cannot afford to overlook geopolitical realities. Europe must stand ready to defend itself.”

Additionally, Mr. Orbán reflected on potential scenarios if current strategies fail, drawing upon a historical anecdote to illustrate the importance of adaptability. “As history has shown, we must be prepared to adapt and innovate in the face of unforeseen challenges,” he remarked. He succinctly encapsulated this sentiment by stating, “This is plan B.”

His “call to arms” reflected Hungary’s unwavering commitment to enhancing military readiness and safeguarding national and economical interests amidst a rapidly evolving global landscape.

Minister Calls On the EU to Rethink Its Policies on State Subsidies
Minister Calls On the EU to Rethink Its Policies on State Subsidies

The EU is giving the wrong answers to the unfolding global competition for state aid.Continue reading

Via MTI; Featured Image: MTI / Máthé Zoltán

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