picture of Mihály Varga

The Hungarian economy was one of the fastest to recover in Europe, surpassing pre-epidemic levels by the middle of the year, said Minister of Finance Mihály Varga (pictured) at the annual hearing of the Economic Affairs Committee on Monday. GDP growth is expected to be at 6.8% this year and over 5% next year, stated the minister.

Varga emphasized that the budget had remained stable during the crisis and the recovery. Unlike 2008, he said, the IMF did not have to be called in to bail Hungary out, even though the current crisis was more severe worldwide than it had been more than ten years ago.

While the world economy contracted by 1.7% in 2008-2009, the rate of recession was 3.6% in 2020-2021

-added Finance Minister Mihály Varga.



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By Steven N.

Steven is the editor-in-chief of Hungarian Politics. He has been following the political scene in Hungary and the Central European region more or less since 1994.