Economic Slowdown Requires Different Response Than Pandemic

Analysis

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Currently, the biggest challenge is mitigating the economic slowdown caused by the war, which requires reactions different from the responses during the coronavirus epidemic, said the State Secretary Responsible for Public Finances Benő Péter Banai at the 60th Economist Wandering Assembly in Szeged, according to profitline.hu.

Banai said that 2022 is full of economic and social challenges, for which a good economic policy answer must be found.

After a correct diagnosis, correct therapy is needed, he said. In Hungary, the debt decreased every year between 2011 and 2019, and the deficit was kept below 3%.

The number of employed people increased by 1 million, and it proved possible to re-employ long-term unemployed people, although efficiency must be improved, Banai argued.

Overall, based on Eurostat figures, the economy was in a good position before the pandemic, and in 2021 it rebounded faster than the EU average after the epidemic, he pointed out.

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