The growth of the Hungarian economy, investments and the high level of employment support our country even in difficult times. As before, the Orbán government does not count on population restrictions in the future.

After the huge election defeat, the left-wing parties are telling the population that the Orbán government is preparing for austerity measures. They are talking about this despite the fact that since 2010 there have been no examples of measures based on marginalization experienced during the left-liberal exercise of power. In fact, the ruling party regularly denies this suggestion.

Zsolt Nyitrai, the prime minister's representative responsible for priority social affairs, recently said that "for more than two years, the Hungarian economy has been suffering from the coronavirus epidemic, the explosion of energy prices, and the Russian-Ukrainian war. Because of all this, budgetary discipline will be necessary, but there will certainly not be austerity affecting people."

What Mihály Varga posted on his social media page the other day also speaks volumes. The Minister of Finance named the three factors that give the strength of the Hungarian economy. One is economic growth . He reminded: last year's rate of 7.1 percent was the strongest expansion in the last thirty years . The second fund is investments, the value of which reached HUF 12,500 billion. This made the Hungarian investment rate one of the highest in the European Union. The record level of employment is the third strength of the economy. Currently, 4.7 million people work in Hungary, while the unemployment rate has dropped below four percent. These results also contribute to the strengthening of stability, which can be built on in the next period.

Prime Minister Viktor Orbán repeatedly emphasized that the state contributes to the creation of as many jobs as the crisis eliminates. Not a single investment was stopped, the goal was to restart the economy as quickly as possible. With his post, Mihály Varga indicated that the new government intends to continue to handle the difficulties with the proven method, i.e. there is no mention of public restrictions.

If we look at the outlook, growth will be sustainable in the future, although the conditions are not favorable. The other day, the Magyar Nemzet reported forecast of the International Monetary Fund . According to the organization, in the East-Central European region, Hungary and Poland will achieve the highest GDP growth this year. Analysts expect the Hungarian gross domestic product to grow by 3.7 percent this year and 3.6 percent next year. And Kopint-Tárki moderately reduced its GDP growth forecast for this year by one percentage point, from the five percent indicated at the end of last year to four percent. The expansion has several components, the economy has several main sectors, the construction industry cannot be described either, just as the data so far indicate persistent growth in retail trade as well.

The full article of Magyar Nemzet can be read here.

Author: Gergely Kiss

Image: Portfolio.hu