Hungary's Economy Set to Double in Size by 2030 - Orbán

Government

Photo by MTI/Prime Minister's Press Office/Vivien Cher Benko

The government's goal is to double the size of Hungary's GDP from HUF 80 trillion to HUF 160 tln by 2030, Prime Minister Viktor Orbán said in a speech delivered at the Bálványos Summer University in Baile Tusnad, Romania, on Saturday, according to a report by state news wire MTI.

Orbán noted that Hungary's GDP had tripled from HUF 27 tln in the 13 years since his party, Fidesz, had returned to power.

Hungary's level of development stood at 78% of the European Union average in 2022, up from 66% in 2010, and the government aims to raise that ratio to 85-90% by 2030, he said.

The government aims to reduce Hungary's degree of energy dependency from 28% to zero by 2030 with the expansion of the Paks nuclear power plant along with solar power investments and network upgrades, he added.

Orbán acknowledged the impact of the war in Ukraine on Hungary's path of economic development but augured a turnaround "around July 2024", with "significant" GDP growth, "strong" lending, and a return to a path of development "well over" the EU average.

While real wages fell in H1, they are set to rise for the full year as inflation falls into the single digits by year-end, he said.

Lending rates will "normalize and return to an acceptable level" by Q2 2024 "at the earliest", he added.

Closing his address, Orbán said Hungary needed to "keep its wits" when dealing with global issues, while "building connections in the global economy", "fighting in European Union debates", "persevering in intellectual matters" and "standing steadfast with regard to the unification of the nation".

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