Inflation Returns to Long-Awaited Single-Digit Levels
Government of Hungary Achieves Inflation Target by End of 2023
The Minister responsible for the Prime Minister’s office, Gergely Gulyás, has announced that the Hungarian government has fulfilled its target of bringing inflation down to single digits by the end of 2023. Gulyás stated at a recent press conference that the government had set this target at the end of last year and is pleased to report that it has been achieved.
According to Gulyás, the inflation target of close to ten percent was already achieved in October, and the forecast for November is for inflation of around eight percent, while December is expected to see inflation of around seven percent. Additionally, a recent OECD study found that Hungary’s real GDP grew the fastest in the second quarter of 2023. Gulyás predicts that next year will be a year of economic growth and wage increases for Hungary.
In terms of the upcoming EU summit, Gulyás discussed the latest proposal from Brussels, including the enlargement negotiating proposal. He stated that the government believes that negotiations on the current and previous enlargements should be completed first before moving forward. Gulyás also emphasized Hungary’s solidarity with Ukraine, stating that while the country has provided substantial financial and humanitarian support, Ukraine does not fulfill the conditions for EU negotiations.
Finally, Gulyás expressed Hungary’s position on joint borrowing and integration in the EU, affirming that the country does not support joint borrowing and believes that the current degree of integration is weakening. He emphasized the need for a strategic review of European policy and approach for the future, stating that many other EU Member States are also advocating for this approach.
In conclusion, Hungary’s achievements in managing inflation and its stance on EU negotiations and integration reflect an assertive and forward-thinking approach to economic and political issues. The country’s commitment to economic growth and stability sets a positive outlook for the future.
