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Govʼt to draft plan protecting economy vs. global slowdown

Government ministries are drafting plans that could become elements of a program to shield the economy from the impact of a global economic downturn, Minister of Finance Mihály Varga said on public radio Sunday, according to a report by state news agency MTI.

Photo: Ministry of Finance

The safeguard program could be in place by the spring, Varga told Kossuth Rádió.

The impetus of the global economy has started weakening somewhat, and one cannot rule out that Hungary may be affected, which is why preparations should be made, he added.

The government wants to take measures that will keep jobs and continue the scale of wage growth, Varga said. It will also strive to maintain the pace of developments and consumption, while preserving the purchasing power of wages and pensions, he added.

Varga noted that household consumption and investment growth are engines of economic growth in Hungary.

Hungaryʼs government plans 3-4 measures in the coming months that will create more job opportunities for everybody, he said.