Varga augurs economic turnaround in H1 2021

Analysis

Alexandros Michailidis / Shutterstock.com

Finance Minister Mihály Varga projected the economy would turn around in the first half of next year as the recovery from the coronavirus crisis is slow across Europe, in an interview on public radio on Monday, according to a report by state news wire MTI.

Mihály Varga (Photo by Alexandros Michailidis/Shutterstock.com)

Although Hungary is in a better position than other European countries, the pickup will still be drawn out, Varga said on Kossuth Rádió.

Hungary enjoys "favorable circumstances", he said, pointing out that the scale of wage growth and retail sales turnover have not dropped in a year-on-year comparison, and the labor market is performing well in international comparison, too.

He acknowledged that export opportunities are limited as foreign markets will remain weak until a COVID-19 vaccine becomes available.

Varga said investments are expected to make up for lost jobs, in part, adding that the economyʼs engines of growth, that is, the food, pharmaceutical, and automotive industries, should be the focus of developments.

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