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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