Finance Ministry Expects 3-4% GDP Growth in 2024

Ecosystem

Minister of Finance Mihály Varga

Hungary’s economy is expected to grow by 3-4% in 2024, Minister of Finance Mihály Varga told a meeting of the Official Monetary and Financial Institutions Forum (OMFIF), according to MTVA. 

Hungary’s economy rebounded quickly after the coronavirus pandemic, Varga told the meeting of the London-based think tank for central banking, economic policy and public investment. 

In 2021, the country’s GDP jumped by 7.1%, he added.

The conflict in Ukraine dampened growth, but Hungary is expected to expand again in 2024, he added. 

The labor market remained stable, with a low unemployment rate and a 75% employment rate, he said. 

Inflation peaked at 25.7% in January and fell to 9.9% in October, he said. 

The current account balance has improved in the first half of 2023, and the foreign trade balance is expected to hit a record. 

Hungary’s investment rate is the highest in the European Union, and it is expected to grow further, thanks to a 9% corporate tax, the lowest in the EU, he added.

The ESA deficit is expected to come to 5.2% of GDP this year and fall to 2.9% in 2024, he said.

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