Mihály Varga: the prospects for the Hungarian economy are favorable

By: Trademagazin Date: 2023. 11. 16. 13:53

The prospects for the Hungarian economy are favorable, economic growth could be 3-4 percent next year, the Minister of Finance said at an international economic forum in Budapest on Thursday.

Mihály Varga highlighted at the meeting of the Official Monetary and Financial Institutions Forum (OMFIF), one of London’s economic policy and monetary analysis houses: the Hungarian economy recovered quickly after the Covid-19 epidemic, achieving a 7.1 percent GDP growth in 2021. However, growth slowed as a result of the economic effects caused by the Russian-Ukrainian conflict. At the same time, the Hungarian economy will return to dynamic growth in 2024, he declared.

He explained that the labor market remained stable, resistant to challenges, and the unemployment rate was low. Employment is at a record high within the EU, the employment rate reached 75 percent, which is a good result, he said.
He pointed out that inflation peaked at 25.7 percent in January, and then dropped to single digits, 9.9 percent, by October 2023.