Hungary’s PM Orban targets 5% GDP growth by 2020

The economic policy of wage increases and low taxes should be continued after next year's election to boost growth to 5% till 2020 and follow the ten-year economic plan launched when Fidesz came into power in 2010, PM Viktor Orban said in an interview for the Kossuth radio. The ten-year plan envisaged financial stabilization and gradual acceleration of growth. The first phase was dealing without the help of the IMF, the second – to lay the foundations of growth and then the final phase – to take growth to 3-5% in the long run, he noted. Hungary will certainly have such growth, of 3-5%, this and next years, Orban stressed.

Current National Bank of Hungary (NBH) governor Gyorgy Matolcsy is the father of the government's economic policy while economy minister Mihaly Varga is in charge of the execution, Orban said. We find this statement as especially interesting, given some apparent conflicts between Varga and Matolcsy in the past. These conflicts have been rather resolved in favor of Matolcsy and we think that Orban's words confirm that Matolcsy's opinion is likely to carry more weight in the government going forward as well.

Orban also talked about the EP resolution to propose invoking the so-called nuclear Article 7 of the EU Treaty against Hungary, reiterating that it was orchestrated by George Soros. The resolution is a result of misguided policies, in particular the migration policy, Orban said. He repeated the government position that Hungary will not compromise on migration and it will fight for keeping independence on matters such as taxes and energy prices.

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