Hungary is expected to have expanded by 6.5 to 6.9 percent in 2021, Finance Minister Mihály Varga said.
Varga’s comments came at the opening of the Hajdú-Bihar County Chamber of Commerce and Industry’s annual economic meeting in Debrecen. The minister stressed that dynamic Hungarian economic growth of over 5 percent is expected again in 2022.
The Hungarian economy has quickly recovered from its pre-pandemic growth trajectory, putting it among the leaders in the EU, and retail trade and consumption have already reached pre-2019 levels, Varga pointed out at the event. He also said that economic development and consumption will determine economic growth in 2022, which, after a rapid upturn, will decline this year but should still exceed five percent.
“We can expect the fourth quarter to be another good quarter, after the third quarter’s growth of over 6 percent, and overall, the Hungarian economy’s performance will remain well above the European Union average. In 2021, we expect annual growth to be around 6.5 to 6.8 percent, which will be the highest annual growth rate in the last 30 years,” the minister said.
In his speech, László Parragh, President of the Hungarian Chamber of Commerce and Industry, stressed the ability of the economy and decision-makers to work together. The outbreak of the epidemic made it necessary to restart the economy, in which the Chamber’s proposals played an important role. Among the challenges facing businesses, he highlighted digitalization; a modern management approach; and increasing productivity, efficiency and international integration.
“Further strengthening the connection to value chains will be a huge issue, and Debrecen has an incredible chance of entering this market,” Parragh said.
The Sesztina Awards of the Chamber of Commerce and Industry of Hajdú-Bihar were also presented at the event. The recipients were Mayor of Debrecen László Papp, the President of the General Assembly of Hajdú-Bihar County Zoltán Pajna, and the pharmaceutical giant Gedeon Richter.
The county’s TOP 100 Economy Award was presented to Péter Szabó, Managing Director of FAG Magyarország Ipari Kft., a bearing manufacturer in Debrecen and part of the Schaeffler Group.
Source: https://www.debrecen.hu/
