Mihály Varga expects 3% economic decline

In Budapest

Alexandros Michailidis / Shutterstock.com

In an interview to the Kossuth Radio today (Sunday, April 19), Minister of Finance Mihály Varga said that he expects a 3% economic decline this year; however, the final numbers will depend on when the economy will be able to come out of its COVID-19 quarantine.

Minister of Finance Mihály Varga. Photo by Alexandros Michailidis/Shutterstock.com

Not for the first time, National Bank of Hungary Governor György Matolcsy  was more optimistic about the country’s future in his own interview on Friday, saying that the economy would move onto a "V"-shaped recovery path once the pandemic is over.

"We will do our best to get Hungary back on the effective catching-up path that characterized the country before the virus," he said.

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