Hungary’s GDP growth rate is set to remain above the European Union’s average growth rate of 2.5% until at least 2021, but some estimates say it could exceed the EU average all the way through 2023, the head of the Fiscal Council said.
This above-average growth, however, is not unique to Hungary, Árpád Kovács told a business conference in Sopron, in western Hungary. All four of the Visegrad Group countries are growing faster than the EU average, he said. He also said that Hungary was in the lower tier of the bloc’s “overachievers”.
On another subject, the fiscal council head said Hungary’s budget was in good shape.
Kovács also said that 2017 was the first year when the total amount of EU funds allocated to Hungary exceeded the country’s public debt. Meanwhile, he predicted that an economic crisis would hit around 2020-2022, adding, however, that its impact would be less severe than that of the 2008 crisis. He said there were a variety of ways Hungary could prepare for a crisis so as to ensure that its budget remains stable and its public debt declines.