The Hungarian economy has begun a trend of consolidation and economic growth, the Finance Minister said at a meeting of Parliament's Economic Committee on Wednesday.
At the committee hearing, Mihaly Varga stressed that the government was able to achieve its most important economic goals, and the 2024 budget contributed to the safety of jobs and families, maintaining the protection of facilities and preserving the purchasing power of pensions.
The most important indicators are improving, economic growth began this year, and the inflation rate decreased significantly. He added that the annual inflation rate is expected to range between 3.5 and 4% this year, and it may be lower next year.
A 1.309 billion Hungarian forint fund provides the backdrop for national defense expenditures.
The Prime Minister explained that it was possible to maintain support for families, as 3,300 billion Hungarian forints were spent on this support, and this includes tax benefits. He also stated that real wages are rising, the number of workers has exceeded 4.752 million, and employment is almost complete.
He highlighted the issue of the stability of the value of pensions: the year started with a 6 percent increase, the 13th monthly pension was paid, and 4.281 billion Hungarian forints of pension benefits were paid by the end of August, and they fulfilled their obligations.
It is possible to achieve the government's annual budget and fiscal policy goals this year as well
At the annual committee hearing, Mihaly Varga emphasized that the 2024 budget, announced as a defense budget, contributed to the safety of workplaces and families, maintaining public protection and preserving the purchasing power of pensions.
The Finance Minister said that the Utility Protection Fund is working, and that Hungarian families pay the lowest utilities in the union. He added that there was 1.361 billion Hungarian forints in the fund, which helped families greatly.
He pointed out that the biggest challenge comes from abroad, because exports determine the performance of the economy.
Unfortunately, export performance has been less good, due to the weakness of the German economy
He said.
In response to questions from committee members, Mihaly Varga explained that they cannot disclose the Chinese loan agreement at the request of the Chinese party, but if the Chinese partner agrees, it will be published. The Finance Minister described the state's support for investments as a responsible decision because, he said, the country cannot be excluded from automotive developments and R&D activities.
Featured image: Finance Minister Mihaly Varga (Photo: MTI/Bodnár Boglárka)
