Márton Nagy: the population must feel that they can consume

By: Trademagazin Date: 2023. 08. 25. 17:04

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The government’s goal is to protect the investment-based, export-oriented economy, to protect consumers against high energy prices, to deal with the difficulties of the credit market and to stimulate consumption – emphasized the Minister of Economic Development, Márton Nagy, in his presentation at the Tranzit festival in Tihany on Saturday.

Hungary was sensitively affected by the drastic rise in energy prices due to significant energy imports, the minister pointed out. As he said, it was possible to protect consumers, the price of which is the levied extra-profit tax. He called it an important measure that the government encourages the public to buy government securities, which provide high interest rates to small investors, and the additional advantage is that the interest stays in Hungary.He said that consumption fell by 10 percent in one year, but it is positive that a real wage increase of over 16 percent is expected in August. Next year will be the year of the restoration of economic growth, he underlined.

The head of the ministry emphasized that the government’s most important goals include protecting jobs and supporting families. In recent years, measures aimed at avoiding the energy trap, the interest trap and the consumption trap have come to the fore. As a result, energy prices have now consolidated – he pointed out.

He said that the population bought 300 billion forints worth of government securities in one month, and another 300 billion forints through bond funds.

According to Márton Nagy, the task of the next period will be to restore consumption, that is, “the population must feel that they can consume”.