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Hungary to get World Bank support on labor shortages

Interview

Confronted with major labor shortages, the Hungarian government is continuously looking for new solutions. The latest is an agreement on technical support signed with the World Bank Saturday by Minister for National Economy Mihály Varga.

Varga (pictured above) signed an agreement on Saturday with the World Bankʼs Vice President for Europe and Central Asia on technical support to ease Hungaryʼs labor market shortages at the Annual Meetings of the Boards of Governors of the World Bank Group and the International Monetary Fund in Washington, the Ministry for National Economy said on Saturday.

Hungaryʼs government will have access to the expertise of the World Bank in the area of labor market policy in future, Varga said.

The minister participated in the annual meetings in Washington at the invitation of Poul Thomsen, director of the IMFʼs European Department, national news agency MTI reported.

Ágnes Hornung, minister of state for financial affairs at the Ministry for National Economy, met with representatives from ratings agencies and a number of financial institutions in Washington. She also participated at a talk organized for investors by Bank of America Merrill Lynch.

Hungaryʼs macroeconomy, growth outlook and fiscal position were reviewed at the meeting, the ministry said. Hornung also met with members of the US-Hungary Business Council (USHBC) to discuss the latest in bilateral economic ties.

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