Economy minister: Competitiveness expected to improve in Hungary

As in recent years every major economic indicator has improved in Hungary, it has become possible to lay down the foundations for the economic policy of coming years, Minister for National Economy Mihály Varga said, at the board meeting of Eurochambres, the Association of European Chambers of Commerce and Industry, held in Budapest.

Among the achievements of recent years the Minister highlighted the positive economic growth trend in place since 2013, the declining government debt-to-GDP ratio, sound public finances, low inflation and rising retail sales.

The fact that Hungary had been placed on a sustainable growth path has also been recognized by all three major credit rating agencies last year, as they restored the country’s investment grade status. As a result, the costs of debt-financing may be reduced by as much as HUF 10bn in the next one, one-and-a-half years.