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Brussels has recognised that Hungary's economic relaunch is happening at a faster pace than in the other EU countries, Mihály Varga, the finance minister, said in a statement after a meeting of EU finance ministers (ECOFIN).

The European Commission has made a major revision to its Hungarian growth forecast, from 5% to 6.3% this year, according to a Ministry of Finance statement released on Tuesday. Growth of 5% is expected next year as opposed to forecasts of 4.5% for the bloc as a whole. “We’re a step ahead of other EU countries,” Varga said. The European Commission expects member states to return to pre-epidemic levels of growth by the end of 2022, he said, adding that this could be attained in Hungary this year. The government, he added, is striving to hit its target of 5.5% economic growth. Referring to the outcome of a G20 meeting of finance ministers and central bank governors, Varga said Hungary far from accepted the related tax proposals of the Organization for Economic Co-operation and Development (OECD), adding that the government would continue to reject any kinds of solutions that curb fair tax competition. Meanwhile, Varga said ECOFIN ministers have given the go-ahead to the Council of Ministers to adopt the first 12 national recovery plans assessed by the European Commission.