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Now, the most important objective of economic policy is to keep the economy functioning, so that Hungary can return to its pre-crisis trajectory as soon as possible and achieve growth next year. The measures taken so far have contributed significantly to the performance of the Hungarian economy, significantly slowing the recession, but at the same time more economic protection measures are needed, said Mihály Varga.
To facilitate this, the Operational Trunk of Economic Protection was established, whose main objective is to eliminate the obstacles that hinder economic growth. The tribe will continue the work that began in the summer, added the ministry leader.
Although public debt will temporarily increase this year, the decline could continue next year, the minister said, adding that the population is also playing an increasingly important role in financing public debt.
The objective of fiscal policy is that the Hungarian budget continues to provide the necessary incentives for epidemic control and economic protection also in the future. This year, the budget deficit, similar to the average for European countries, may be 7-9% of gross domestic product, recalled the head of the ministry.
Mihály Varga affirmed that to mitigate the economic effects of the coronavirus epidemic, it is key to support investment by companies. The government’s objective is to help Hungarian companies emerge stronger from the crisis, so it wants to encourage investment in Hungary by continuing tax exemptions, increasing support frameworks, introducing loan programs and maintenance of jobs.
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