Hungary's Economic Growth Conditional on Ukraine War Ending: Nagy

Government

Photo by Andrii Yalanskyi / Shutterstock.com

An end to the war in Ukraine is a condition for achieving Hungary's full economic growth potential, Minister of National Economy Márton Nagy said at a development forum in Győr (120 km northwest of Budapest) last week, according to portfolio.hu.

Hungary's economy can't perform at its full potential in the shadow of the war in Ukraine, Nagy said. Hungary's GDP could grow 2-3% this year, while that rate could double in 2025, he added.

Nagy said that the return to growth would require improved consumption, the restart of investments, the maintenance of high export activity, an increase in labor market participation, keeping the twin deficits in check, and continued support for the lending market recovery.

Fresh retail sales and tourism data indicate a rebound of consumption, he added.

Pace of Natural Decrease Slows in April Figures

Pace of Natural Decrease Slows in April

Polish Unemployment Falls in April World

Polish Unemployment Falls in April

Modernization Could Save 16% of Annual Energy Consumption Sustainability

Modernization Could Save 16% of Annual Energy Consumption

Tourism Nights Spent in Hungary Down Slightly in April Tourism

Tourism Nights Spent in Hungary Down Slightly in April

SUPPORT THE BUDAPEST BUSINESS JOURNAL

Producing journalism that is worthy of the name is a costly business. For 27 years, the publishers, editors and reporters of the Budapest Business Journal have striven to bring you business news that works, information that you can trust, that is factual, accurate and presented without fear or favor.
Newspaper organizations across the globe have struggled to find a business model that allows them to continue to excel, without compromising their ability to perform. Most recently, some have experimented with the idea of involving their most important stakeholders, their readers.
We would like to offer that same opportunity to our readers. We would like to invite you to help us deliver the quality business journalism you require. Hit our Support the BBJ button and you can choose the how much and how often you send us your contributions.