Hungary's government unveils draft growth plan

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Hungary's government aims to boost economic growth by concentrating on business sectors as well companies, by supporting domestic demand and by taking full advantage of the country's geographical location to turn it into an economic hub for the region, a draft of the Hungarian Growth Plan published on the government website shows.

The draft, published for the purpose of consultations, outlines "active economic policy interventions" to boost economic growth even in the short term.

The draft seeks to uncover opportunities for growth in Hungary's various business sectors based on an assessment of their present and past situations, but it also focuses on the microeconomic level.

The draft presents a "diversification of geographical connections" that include a focused opening to the East, a strengthening of the country's ties with its traditional export partners in Europe, and a fostering of economic cooperation in the Carpathian Basin as well as with the other members of the Visegrad group -- the Czech Republic, Poland and Slovakia -- and countries in the Western Balkans.

The draft aims to boost domestic demand through more efficient use of resources available under the New Szechenyi Plan and by maximising net exports. It seeks to reduce the high import content of Hungarian exports, due not only to the country's lack of natural resources but to the fact that few Hungarian companies can compete for places in the supply chain. It also aims to raise the proportion of domestic demand met by Hungarian companies by boosting their competitiveness, expanding their markets and raising consumer awareness.

The draft mentions support for Hungarian companies' expansion on foreign markets as well.

The draft names as a priority goal taking full advantage of Hungary's geographical location to make the country a regional economic hub.

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