The Economic Protection Action Plan, Economic Restart and a successful vaccination program will create an opportunity for the Hungarian economy to return to a dynamic growth path above the EU average this year – read in the Finance Ministry’s Convergence Program presented to the European Commission.
According to a statement on the website of the Ministry of Finance the document It shows an increase of 4.3 percent for this year and 5.2 percent for next year.
The Convergence Program wrote that under the Economic Protection Action Plan, significant resources flowed into the economy, helping businesses, families and workers alike. In addition to fiscal incentives that help increase investment and competitiveness, the fact that more than €40 billion in new EU money will be available to Hungary in 2021-2027 will help the economy’s performance. Growth is supported by the continued focus of tax policy on lowering taxes on employment, reducing the burden on businesses, increasing the efficiency of tax collection and simplifying the tax system.
The document forecasts a deficit of 7.5 percent by 2021 and a steady decline in the following years. The ministry estimates that by 2025, public debt is expected to decline to 73.1% of GDP.
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