The MEP reacted to Ferenc Gyurcsány’s statements made in a radio interview. Deutsch declared that the Democratic Coalition President had publicly admitted that as opposed to his and the European Commission’s claim that there were legal problems between Hungary and the European Union, or that the European Union development funds owed to Hungary had been withheld due to legal issues for years, was a lie.

Last year, the US terminated the 1979 double taxation avoidance agreement with Hungary. According to Szijjártó, the USG took this step in response to the Hungarian government not giving its consent to the introduction of the global minimum tax.

Péter Szijjártó pointed out that Hungary is already the world’s fourth-largest producer of electric batteries and that in the last thirteen months, batteries have been the country’s top export product.

Viktor Orbán stated that the war is becoming increasingly violent and brutal. He remarked that it would be natural for more and more people to stand for peace as a result, but he does not see this intention among the majority of EU leaders.

According to the National Bank’s forecast, slow disinflation is expected in March, followed by a strong disinflationary trend, with a good chance of reaching single-digit inflation by the end of the year.

The European Commission and Germany announced a deal that will permit the sale of combustion-engine cars running solely on synthetic e-fuels beyond 2035. The final vote of the EU Council on the regulation took place on 28 March.

Prime Minister Viktor Orbán emphasised that Budapest and Warsaw will join forces to protect the agricultural workers of Central Europe from the negative effects of ‘grain dumps’ coming from Ukraine.

At the meeting, the parties agreed to strengthen cooperation. They also shared the view that government support needs to be provided in order to protect Hungary’s strategically important automotive industry and preserve jobs.

America went from being a net energy importer to a net energy exporter. Today, US energy sources are more diversified and abundant than ever before.

Physiocracy played only an episodic role in modern economic political thinking and, therefore, so did the perspective that linked the economy’s performance and ability to produce value to nature.

According to the National Bank of Hungary, the ratio of gross government debt to GDP improved significantly last year.

Ambassadors Varga-Haszonits and Fałkowski were the only diplomats to be present at the Tehran event with President Raisi. Despite that, other European nations also refrain from fully committing to cutting ties with the Middle Eastern nation.

This article aims to outline the nature and role of global supply chains in economic globalization, and to highlight the underlying roots of and reasons for the new trend towards realignment.

Tourism numbers in Hungary massively outperformed the expectations for 2022. The data showed that the industry reached levels close to those recorded before the pandemic.

Over the last couple of years, Chinese investments have greatly contributed to economic growth in Hungary, in sectors ranging from cargo transport to battery manufacturing.

Similarly to the budget deficit, public debt is also declining and may drop to below 70 per cent this year. To compare: Hungary’s public debt was 83.6 per cent of the GDP in the second quarter of 2010, the final three months of the Socialist government’s tenure.

Recently published statistics about 2022 workforce data show that the Hungarian unemployment rate has plunged to under four per cent.

Increasing labour productivity is the most important determinant of sustainable, long-term economic growth. More investment, both in human and physical capital and technology, are of paramount importance in order to achieve it.

The massive electric vehicle-related investments that Debrecen has secured over the past year represent a major step in Hungary’s shift toward a more sustainable economic development.

The cost of the war in Ukraine was sky-high even before Moscow started to target the country’s critical infrastructure.

Sanctions that target a whole country instead of specific individuals always hurt the innocent, ordinary people the most. Be these people European citizens who cannot afford to pay their electricity bills, or Central Asians who now live in extreme poverty, generic sanctions punish those the most who are the least responsible.

Central planning is not viable because it can never collect enough information about the market to optimally coordinate economic interactions. It is also a path that may lead to a totalitarian state.

The UK economy is under great pressure from the sanctions imposed on Russia. Energy prices have soared, and inflation is sky high. putting a strain on the population’s wellbeing. Meanwhile. the government keeps funding Ukraine.

Cooperation between China and the Central and Eastern European countries (CEE) was established in 2012. While at its peak, the initiative comprised 17 CEE states, that number has shrunk to 14, as a result of disillusionment with Beijing over its silence on the Russian aggression against Ukraine, as well as its unkept investment promises.

The Hungarian economy’s second quarter performance has surprised analysts – according to official data, Hungary’s GDP has grown by 6,5 per cent compared to the same period last year.

The main tenets of Erhard’s programme still apply today. Lax fiscal policy and monetary stimulus do not result in long-term, sustainable economic growth. Prosperity is ultimately a result of increasing productivity. Low taxes, low inflation, monetary rigour and the uninterrupted operation of the free market are essential in order to achieve success.

The likelihood of power outages is higher in France than in its neighboring countries as a result of the most serious issues with its nuclear power facilities in decades. They are facing a more serious dilemma than Germany is.

The most recent OECD report paints a grim picture of the European economies’ imminent prospects, but thanks to the government’s strategic crisis management, Hungary is set to outperform all of its regional counterparts.

While many countries struggle fighting the crises that are running rampant in Europe, the Hungarian response has managed to shield people from the worst effects of the war.

According to Gertrud Traud, a senior economist at Landesbank, the punitive measures are harming the world more than the nation they are intended to target.