Hungary’s economic growth in 2023 after the crisis year was declared by the state’s Minister of Economic Development, Marton Nagy, Vilaggazdasag reports on December 23.
According to the minister, the Hungarian economy managed to recover despite the 2023 crisis and the no less critical years of the coronavirus. The military clash between Russia and Ukraine, anti-Russian sanctions and the freezing of EU funds have become a difficult test for Hungary.
At the beginning of 2023, Hungary had record inflation of 12%, which fell to 7.9%. Furthermore, according to Nagy, it was possible to save jobs and avoid layoffs. The number of job seekers in the labor market has reached an all-time low.
Regarding GDP, in the third quarter of the year it was possible to go from “less” to “more”. Nagy highlighted that the growth of this indicator has become one of the fastest in the European Union. The government also managed to eliminate the double budget deficit.
The country’s Minister of Economic Development pointed out that the way out of the economic hole that Hungary has fallen into may be to increase investment, national production and restore household consumption. The government wants to keep the foreign investment rate above 25%, and to do so it will be necessary to launch a new credit plan.
Source: Rossa Primavera
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