Varga: Laying foundations for sustainable growth is key

EU

The upcoming years should be spent laying the foundations for and ensuring sustainable growth, National Economy Minister Mihály Varga said at a conference organised by the Hungarian Business Leaders Forum (HBLF), adding that Hungary should achieve an annual growth rate of at least 4%.

Despite the GDP growth experienced in recent months, which placed the country "on the podium" among other European Union member states, "we can't lay back" because if the country’s growth structure does not change, economic growth could slow, Varga warned.

The National Bank of Hungary predicts that Hungary could achieve a sustainable growth rate of 3.5-4%, if the investment rate is raised to 25%.

Varga ensured that HUF 700 bln of EU support would be spent on R&D in the new funding period, with the establishment of 20 "innovation centers" by 2018 and 30 by 2020. Bureaucracy must be reduced further and disparities among regions managed, he said.

ADVERTISEMENT

17% of homeowners plan renovations this year Analysis

17% of homeowners plan renovations this year

Meeting called to address Pegasus spyware lacks quorum  Parliament

Meeting called to address Pegasus spyware lacks quorum 

Skanska commercial dev unit names new EVP of operations Hung... Appointments

Skanska commercial dev unit names new EVP of operations Hung...

Zsa Zsa Gabor's ashes buried in Budapest City

Zsa Zsa Gabor's ashes buried in Budapest

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.