The 2022 budget is devoted to relaunching Hungary’s economy, Mihály Varga, the finance minister, said during a presentation of the draft budget to lawmakers.
The fact that the budget is being submitted as early as the spring will in itself help to kickstart the economy, Varga said, adding that the action plan to get the economy’s ball rolling was modern Hungary’s biggest economic programme ever and would help everyone affected by the epidemic make a recovery. Budget funds will be channelled towards helping anyone who has lost a job back into the labour market and every entrepreneur who has been forced to shutter their business to restart and even develop it, the minister said, adding that the budget focused on supporting families and businesses, investments that create jobs, as well as developments in health care and higher education.
The government targets an economic growth of 5.2%, with a deficit target of 5.9% of GDP and public debt of 79.3%. Fully 7,308 billion forints (EUR 20.3bn) is pencilled in to restart the economy. The draft 2022 budget is 483 billion forints larger than this year’s, Varga noted earlier. In order to manage risks, a 233 billion forint reserve fund has been set aside in the budget, the minister noted.
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