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Varga Expects 1.5% Growth This Year

Government

Image by Alexandros Michailidis / Shutterstock.com

The government will further reduce the public debt and the budget deficit while keeping the Hungarian economy on a growth path this year and next, Minister of Finance Mihály Varga said at the Erste Group conference in Budapest, according to business daily Világgazdaság.

The minister said Hungary's level of development has improved from 66.1% of the EU average to 77.7% since 2010, ahead of Portugal, Romania, and Slovakia, among others.

Varga emphasized that, despite the war raging next door, and even without recovery funds, the Hungarian economy grew by 4.6% last year, significantly exceeding the European Union average of 3.5%.

According to the minister, the growth could be 1.5% this year, and next year it will return to the 4% rate before the pandemic.

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