NGM: the government will restart it in 2024 and further increase the rate of economic growth in 2025

By: Trademagazin Date: 2024. 04. 12. 12:25

After the successful suppression of inflation, the government will restart it this year and increase the rate of economic growth next year, and when the war is over, Hungary will once again be one of the fastest growing economies in Europe, the Ministry of National Economy (NGM) pointed out in its statement on Friday.

As explained, in terms of numbers, this means that the GDP in Hungary will grow by 2.5 percent in 2024 and by 4.1 percent in 2025. In the meantime, the government is working to ensure that Hungary’s development reaches 90 percent of the European Union’s level of development by 2030.

The expected 2.5 percent GDP growth rate for 2024 is determined not by the postponement of investments, but by the weakening of foreign markets, including our most important trading partner, Germany, and the European economy, which is recovering more slowly than expected.

The NGM stated: economic growth and balance go hand in hand, the conditions for this are created by this year’s reduced budget deficit to 4.5 percent, and the expected increase in GDP is also in line with this.