Economy minister presents Hungarian model at Tatra Summit

Central European countries in the European Union can offer an example to slower-growing member states on ways to step up economic growth while creating jobs and reducing the public debt, Economy Minister Mihály Varga said on Saturday.

Varga told MTI that he had participated in an economic conference dubbed Tatra Summit held in Strbske pleso (Csorbató), in northern Slovakia, where he outlined the “Hungarian model” and talked about the European budget after 2020 at a panel discussion.

The transformation of the tax system, the policy of reducing taxes and the system of family allowances coupled with a home construction scheme have all contributed to wage growth in Hungary without damaging competitiveness, Varga said.

Unlike after 2010, when consolidation was necessary in order to prepare the ground for economic growth, Hungary is currently in a phase in which it can focus on competitiveness, he said.

Hungary aims to be among the most competitive countries of Europe,

and its government wants to achieve this by investing in education, transforming the training system, offering targeted support for digitalisation, research and development, and industry, while improving the business environment and cutting red tape.