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Although, among others, the European Commission predicts an unprecedented economic slowdown worldwide, and Hungary expects a seven percent decrease this year, György Matolcsy The president of the MNB continues saying that we will not see a decrease, but an increase this year, the central bank maintains its growth forecast of 2-3%.
In Kossuth Radio’s Sunday Sunday newspaper, Matolcsy said that two of the financial and economic institutions that deal with European forecasts are more optimistic than the International Monetary Fund (IMF) and the Hungarian government: the Polish central bank and the MNB, they are falling and rebounding rapidly, ie “V-shaped economic impact”.
The Hungarian government expects a 3 percent decline in GDP this year, while Matolcsy said the first quarter will not be a bad one, the second quarter will produce quite dire figures and the third and fourth quarters will outperform previously lost performance. That is why I dare say that there will be a 2-3 percent increase in Hungary in 2020, he explained.
According to him, this is reinforced by the fact that the vast majority of the Hungarian economy is operating, even in the low weeks of April, in addition to crisis areas, such as closely related tourism and hospitality, or the cultural sector, event management and part of the delivery.
He noted that in the first quarter, Hungarian consumption has a 10% surplus in retail and consumption compared to the euro area, which, in his opinion, is also a position that strengthens competitiveness.
Due to the epidemic, the central bank again announced the Growth Loan Program (FGS) introduced in 2013 on even more favorable terms. call. So far, financial institutions have signed dozens of contracts and expect to conclude thousands or tens of thousands of such contracts with companies. Companies used the loan primarily for wages, and in the summer months the investment and development objective stands out, he said.
The central bank bond purchase program, launched this week, was a success, achieving in a few days an effect that might not be possible for months: it increased yields on government bonds from 3.3% to 2%, he explained.
Image: Dániel Fülöp / 24.hu
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