Péter Benő Banai: next year, the Hungarian economy may grow above 3 percent

In connection with the fact that the Hungarian government submitted to the Parliament on Monday the draft law on Hungary’s 2025 budget, Péter Benő Banai said that thanks to the Hungarian economic growth, expenses are expected to increase in many areas. In addition to defense, more resources are also allocated to education, healthcare and family policy. The stability indicators of the public finances may also develop favorably, as the level of the public finances deficit and the level of the public debt may also decrease – he emphasized.

The state secretary called it crucial that the Hungarian economy return to the growth path it was in before the coronavirus crisis in order to preserve jobs, increase the number of jobs, increase wages and maintain the system of family allowances. If there is economic growth, there is a better chance for real wages to increase, he declared.

The Hungarian government, as the government holding the consecutive presidency of the Council of the European Union, considers the competitiveness of Europe to be a key issue – he reminded. The Hungarian economy can grow permanently and sustainably if its export partners and external markets also perform well, which requires peace, he stated. First for a ceasefire, then for peace, as experience shows that Europe has been suffering since the outbreak of the war in Ukraine, he added.

Péter Benő Banai said that Hungary’s “peace budget” for next year expects that the whole of Europe will record economic growth, which will “pull” the Hungarian economy. The Hungarian government intends to take measures with which the growth of the Hungarian economy can exceed that of the European Union next year, as it was in the years before the coronavirus epidemic, he added.

He said: the Hungarian government considers real economic growth of 3.4 percent achievable next year. This growth is the basis for preserving jobs, raising wages and maintaining a broad family support system.