Humanity has faced an unprecedented challenge since the Spanish flu more than 100 years ago, and every country had to deal with it. What has been a surprise in the past period is the extremely high inflation, but at the same time there is also a favorable surprise associated with it: faster than expected economic growth, rapid recovery from the crisis, Mihály Varga stated at the opening of the 2022 economic year of the Hungarian Chamber of Economy and Industry (MKIK) .
According to the finance minister, in the 2008 crisis there was no room for maneuver to support the economy, while now in the 2020-21 crisis this could be achieved by rearranging government resources. It was possible to put together an economic program that was equivalent to 36 percent of GDP.
One direction was to support families, the other was to help companies in a difficult situation, and at the same time to increase investments, and in addition, regulations, including tax reductions, which would make it possible for the Hungarian economy to be competitive in the new economic situation emerging after the epidemic.
According to the finance minister, in the 2008 crisis there was no room for maneuver to support the economy, while now in the 2020-21 crisis this could be achieved by rearranging government resources. It was possible to put together an economic program that was equivalent to 36 percent of GDP.
Source: Magyar Hírlap
Photo: MH/Tamás Purger
