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The government is working to protect Hungarian companies and the economy, the minister for economic development said on Monday.

Insisting that the sanctions imposed on Russia in response to the war in Ukraine had “hobbled European economy and driven it into the ground”, Márton Nagy said Hungary’s government had protected growth which may come to 5% in 2022, and aims to avoid recession in 2023. The government has “erected an over 2,000 billion forint (EUR 5bn) defence line” by cheap state-sponsored loans, subsidies and by expanding the interest moratorium, he said. The goal is a new industry policy laying the groundwork for a 21st century economy, he said in a video on Facebook. Companies must be revamped to curb their energy dependence and operate sustainably and effectively, he said. The government aims to increase competitiveness and cut red tape around companies, and to rethink the “system of strategic sectors,” Nagy said. “2023 won’t be easy, but we can be sure that the government will do everything possible to protect Hungarian businesses and the economy,” he added.