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Hungarian Government Eyeing Economic Protection Scheme

• 4 Feb 2019 7:22 AM
• Hungary Matters

Though Hungary's growth rate this year could exceed projections by the OECD, the government is weighing an economic protection scheme to offset a potential global economic slowdown, the finance minister said.

Although there are not yet signs of a global economic crisis in Hungary’s economic performance, the country would not be immune to the effects of a global slowdown, Mihály Varga told public radio.

Therefore the government will aim to introduce measures that can protect jobs and wage growth and ensure that economic development does not come to a halt. It will aim to keep consumption from lagging and the purchasing power of wages and pensions intact, Varga said.

Commenting on the OECD’s country survey on Hungary published on Thursday, Varga said international organisations tended to revise upward their initial projections on Hungary’s growth. He said 2018 was a good example of how pessimistic analysts had been about Hungary’s growth potential.

The most favourable projection put Hungary’s GDP growth rate at 3.5%, whereas the actual growth rate is expected to reach 4.6-4.7%, he said. The minister added that the government was planning to introduce over the coming months 3-4 measures to boost employment.

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OECD: Hungary Economy ’Prospering’ But Risks Remain

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