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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.

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