Matolcsy urges structural changes to government
Photo by Adriana Iacob/Shutterstock.com
National Bank of Hungary (MNB) governor György Matolcsy on Monday said that significant institutional changes will be required in the structure and functioning of government to avoid getting stuck in a middle-income trap, according to a report by state news wire MTI.
In a weekly op-ed piece published on the website of daily Magyar Nemzet, Matolcsy noted that despite the economic achievements between 2010 and 2019, Hungary's level of development at the end of the period compared to the EU average still fell short of the historical high of 1936 when the country's level of prosperity was closest to that of Western Europe.
Between 2010 and 2019 the gradual catching up with the EU average in Hungary had not reached the same momentum as that of the Baltic states, Poland and Romania, he added.
Matolcsy said that the decisive reasons for this are the shortcomings of the functioning of the state, especially the weaknesses of the functioning of the government.
SUPPORT THE BUDAPEST BUSINESS JOURNAL
Producing journalism that is worthy of the name is a costly business. For 27 years, the publishers, editors and reporters of the Budapest Business Journal have striven to bring you business news that works, information that you can trust, that is factual, accurate and presented without fear or favor.
Newspaper organizations across the globe have struggled to find a business model that allows them to continue to excel, without compromising their ability to perform. Most recently, some have experimented with the idea of involving their most important stakeholders, their readers.
We would like to offer that same opportunity to our readers. We would like to invite you to help us deliver the quality business journalism you require. Hit our Support the BBJ button and you can choose the how much and how often you send us your contributions.