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Varga augurs deep economic crisis

Minister of Finance Mihály Varga has warned an economic slowdown will reach Eastern Europe shortly and it will be deeper than expected, news portal reports.

Mihály Varga. File photo by Ministry of Finance.

Attending the Annual Meeting of the Boards of Governors of the World Bank Group and the International Monetary Fund (IMF) in Washington, Varga added that countries of Eastern Europe should prepare with monetary and fiscal policies to answer global recession.

Varga said that Hungarian small- and medium-sized companies are more exposed to risks, so the government will provide support for them.

Varga added that none of the participating countries had one comprehensive solution for the upcoming economic concerns, therefore Hungary has to go its own way as well, reports.

The meeting brought together central bankers, ministers of finance and development, private sector executives, representatives from civil society organizations and academics to discuss issues of global concern, including the world economic outlook, poverty eradication, economic development, and aid effectiveness, says.