According to the European Commission’s latest assessment, Hungary could be at the top of the EU’s economic growth ranking this year, with growth of 2.4 percent, that is significantly higher than the EU average of 1.3 percent, Finance Minister Mihály Varga stressed in Brussels.
The Minister was attending a meeting of EU finance and economy ministers in the Belgian capital. Presenting the Council’s agenda, he said that the member states are placing great emphasis on competitiveness and are striving to put Europe on a growth path.
The politician emphasized that
it was good news that the European Commission’s latest economic forecast predicted that the Hungarian economy would grow by 2.4 percent in 2024, but added that the Hungarian government expects growth to be higher – 3.6 percent.
“We are very confident that this will be accompanied by an improvement in competitiveness,” he noted.
Fact
As Hungary Today previously reported, the Hungarian government is committed to achieving economic growth exceeding four percent in the current year, with a focus on fortifying the pillars of growth. One key determinant of successful implementation of growth-plans is the maintenance of the investment-to-GDP ratio at above 25 percent. This is crucial for sustaining the momentum of economic development. Significantly, a substantial influx of working capital (a record-breaking amount), has entered the country. Moreover, major investments, such as the establishment of car factories and battery plants, are currently underway, further bolstering economic growth.
On Ukraine’s four-year EUR 50 billion funding, Mihály Varga underlined that Hungary’s position is that the facility should be assessed annually, with the EU committee examining the need for and use of the funds and deciding on the disbursement for the following year in the light of this.
We ended the meeting with the hope that the Hungarian proposals will also be assessed at the EU summit on February 1, when the final decision on the topic will be taken.
We must strive to ensure that the European Union, as it has done so far, develops a solution acceptable to all member states,” Mihály Varga concluded.
Via MTI; Featured image via Facebook/Audi Hungaria Győr
