Nagy: Accelerated Green, Digital Transition Key to Dynamic Growth

Analysis

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Accelerating the twin green and digital transition is necessary to boost Hungary's competitiveness and raise the country's economic growth rate over the European Union average, Minister of Economic Development Márton Nagy said according to a statement issued by his ministry on its website, at a meeting of European Union competitiveness ministers in Bilbao. 

Nagy said the "most important task" at present was bringing inflation down to the single digits but added that real wages, along with consumption, needed to start growing again in the short term. At the same time, a competitiveness "turnaround" had to be undertaken in the mid-term. 

Industry 4.0 technologies must be more broadly adopted, while industrial output and productivity must be increased, focusing on SMEs. Their place in the value chain should be strengthened and enhanced, he added.

Hungary needs to shift from extensive to intensive economic growth, and the country should expand the knowledge-based economy and businesses' research, development, and innovation activity, he said.

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