Competitiveness turnaround could boost growth rate to 4-5%

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Hungaryʼs economic growth rate could reach 4-5% in the long term if the country can successfully boost its level of competitiveness, National Bank of Hungary (MNB) Deputy Governor Márton Nagy said at a presentation at the Hungarian Institute in Paris Wednesday, according to Hungarian news agency MTI.

Hungary has already undergone a fiscal and monetary turnaround, but this is still too little: the next challenge for the country will be a competitiveness turnaround, Nagy said.

Nagy pointed to the restructuring of the tax system and support for SME development among measures to boost competitiveness, while noting the results already achieved in education and the healthcare sector.

Nagy is visiting the headquarters of the Organization for Economic Cooperation and Development (OECD) today and the Banque de France tomorrow during his trip to the French capital.

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