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