Business Lunch with Márton Nagy, Minister for Economic Development

The Minister for National Economy, Márton Nagy was the special guest for the second time since January last year at the opening business lunch of the Hungarian-French Chamber of Commerce and Industry and its co-operating partners, BELGABIZ, JVSZ, SwissCham and SCCH.

Special thanks for the forward-thinking ideas shared, the first-hand information received and the opportunity of exchange with the attending companies.

After greetings from Mr László Károlyi, president of CCIFH, the minister Márton Nagy presented the economic perspectives of Hungary for 2024.

Márton Nagy drew attention to the fact that in 2023 the government successfully reduced inflation and protected businesses, jobs and families. Thanks to this, the government’s goal in 2024 – also in cooperation with French businesses – is to restore economic growth and expand the economy by 4% based on three pillars.

First of all, household consumption must be restored. An increase in real wages is necessary, but not sufficient, the trust of the Hungarian population must be reinforced, to solve the precautionary motive. This is helped by raising the minimum wage and the guaranteed minimum wage, as well as wage improvements in the public sector, such as for teachers, national defense workers, healthcare workers or even law enforcement workers. Secondly, domestic production and investments must be restored: the government aims to keep investments above 25%. And as a third step, the activity of the labor market should be further enhanced by involving the 300,000 available Hungarian labor market reserve, so to increase the activity rate in the 15-64 age group from the current 78% to 85%.

Economic growth and strengthening the budget balance go hand in hand, as rising consumption will result in extra budget income, solving the precautionary motive will have a positive effect on both, added the Minister of National Economy. Finally highlighted that the government will implement 4 main measures in 2024 to strengthen the economy: the extended Széchenyi Card Program, the Gábor Baross Reindustrialization Loan Program restarted with 200 billion extra HUF amount, the 33 billion HUF Food Industry Supplier Development Program and the GINOP Plusz funds sources. In addition, it helps to increase competitiveness and investments incentive, such as a significant reduction in warranty fees.

Special thanks to the professional partner of the event, MAPI Magyar Fejlesztési Iroda Zrt.