According to the European Commission, the Hungarian economy is growing enormously

The restart of the Hungarian economy is faster than that of EU countries. This is now also recognized in Brussels, Mihály Varga declared after the meeting of EU finance ministers (ECOFIN). According to the statement of the Ministry of Finance, the Hungarian minister added: in the summer forecast, the European Commission significantly changed its forecast for the growth of Hungarian GDP this year, from 5 percent to 6.3 percent, while experts expect an expansion of 4.8 percent in the European Union.

Next year, the European Commission predicts a growth of 5 percent in Hungary and 4.5 percent for the Union as a whole - emphasized the Minister of Finance, and emphasized that this is in line with the forecasts of several international organizations and analysts and confirms that "we have gained a step advantage compared to other countries of the Union".

While according to the European Commission's forecast, the economic performance of the member states may return to the pre-epidemic level by the end of 2022, according to the estimate of the Ministry of Finance, with the restart of the Hungarian economy, they can reach the pre-epidemic level already this year - stressed Mihály Varga.

The Minister of Finance explained: however, encouraging forecasts are not enough in themselves. "The Hungarian government is working to achieve the targeted 5.5 percent economic growth. If this succeeds, then in 2022 we will be able to complete the reimbursement of child rearers, which, according to the European Commission, can contribute to dynamic economic expansion," explained the head of the ministry.

The ministers were also informed about the results of the G20 meeting of finance ministers and central bank governors. In this regard, the minister stated: the "two-pillar" package of international taxation proposals of the Organization for Economic Co-operation and Development (OECD) is still far from what is acceptable for Hungary.

"We continue to reject any international solution that limits fair tax competition," he added.

Mihály Varga also reported that the Ministers of Finance approved the Council's executive decisions on the adoption of the first 12 national recovery plans evaluated by the Commission, so they are one step closer to the actual implementation of the Recovery and Resilience Tool decided by the heads of state and government a year ago ( RRF).

Source: Democrat