Szijjarto: Hungary’s economy among the most resilient to shocks in Europe

During the coronavirus pandemic, Hungary’s economy has proven to be one of the most resilient in Europe, thanks to policies over the past twelve years focused on tax cuts and investment promotion, Peter Szijjarto said on Friday. , Minister of Foreign Affairs and Trade, by opening a logistics center for a Hungarian tire wholesaler.

The state supported the investment of 5.5 billion forints creating fifty jobs with a subsidy of 693 million forints (1.9 million euros), the ministry said, noting that Szijjarto had attended the opening from the center of Marso to Dunaharaszti, near Budapest.

Szijjarto said the status quo has been upended across the board as a result of the pandemic, creating immense global competition. This highlights the countries best positioned to exploit the new opportunities that have arisen as a result.

“Hungary is among the winners of the new global economy,” he said. “We were able to use the changes to our advantage.”

Szijjarto cited a successful vaccination campaign that allowed Hungary to reopen six to eight weeks earlier than other European countries last year, while its economy, he added, returned to its level of pre-pandemic production in late summer. Current projections show that the global economy will only reach the same by the end of 2022, he added.

The government introduced one of the biggest investment promotion programs ever and funded job preservation instead of spending money on policies that underpin unemployment, he said. he declares.

An internationally competitive category of Hungarian companies has emerged, he said. Hungarian companies now form the backbone of the economy, reducing its international exposure, he added.

Laura T. Thrasher