MNB will use all means to restore and maintain price stability, György Matolcsy stressed.Continue reading
Despite the intensified economic challenges, recession should be avoided, and the Hungarian government aims to achieve 1.5 percent growth in 2023, following 4.5 percent in 2022, said Economic Development Minister Márton Nagy at the annual opening business lunch of the Hungarian-French Chamber of Commerce and Industry in Budapest on Tuesday.
He added that inflation must also be tackled and the twin deficits resolved, which is only possible if the government’s economic policy remains innovative. Inflation could be in the single digits by the end of the year, and the government deficit-to-GDP ratio could be reduced to close to 70 percent, he said.
Márton Nagy underscored that 2023 would bring a number of economic challenges. He cited geopolitical tensions, the European energy crisis, deteriorating competitiveness, China’s economic recovery, the impending US-EU trade war, and extreme weather.
Márton Nagy, Minister of Economic Development (L) and László Károlyi, President of the Hungarian-French Chamber of Commerce and Industry.
The Minister stressed that
Hungary’s economic growth will continue to be led by export and investment in the future as well, requiring a new financing structure and new energy, industrial, and employment policies.
The Minister said that priority sectors could be the automotive, battery, health, pharmaceutical, energy, food, research and development, higher education, transport, telecommunications, tourism, banking, insurance, and defense industries.
The aim must be to bring more and better investment to Hungary, he said, adding that the country must remain attractive and continuously improve its competitiveness by reducing bureaucratic burdens. Investments could reach 20,000 billion forints (EUR 51.3 billion) in 2023, the Minister highlighted.
Featured photo via Pixabay, MTI/Balogh Zoltán