The key objective of Hungarian economic policy of the past two years was to stop and reverse the unsustainable financial-macroeconomic processes causing imbalances, which were inherited in 2010, as well as to consolidate the Hungarian state budget during the turbulences caused by the European debt crisis which has been deepening ever since. The competitiveness ranking of the World Economic Forum (WEF) highlighted that in the category evaluating macroeconomic environment Hungary has advanced 23 places and is now 44th after last year’s 67th place. An improving fiscal balance, increasing savings rate and decreasing inflation have significantly contributed to this improvement.

In the period of a worsening European economic slump financial consolidation was painful for enterprises. It has been reflected in the fact that albeit macroeconomic environment has improved (in the WEF ranking according to calculations based on statistics), the opinion indicators of the list – based on personal responses of company managers – the relative position of Hungary did not improve.

The results of the reforms implemented so far will become evident in coming years and by the time the measures bear fruits growth will also kick in parallel to financial consolidation.

Source: Ministry for National Economy - kormany.hu