The Hungarian economy is among the most open ones, however, it is following technological advancements relatively slowly. This could be dangerous, but if Hungary adopts state-of-the-art technology with the help of public investments, there is a great opportunity for development.
In Matolcsy’s understanding, the current debate on the theoretical and practical side of the economy is caused by the difference between ‘the former liberal approach and the currently rising approach based on sustainability’, the contrast of which is compounded by, or more precisely triggered and culminated by, ‘the clash of Western and Eastern, i.e. Asian, positions’. The author clearly takes a stand against Western neoliberalism and is in favour of a Eurasian shift.
The minister announced that the government has imposed a ban on 25 agricultural products from Ukraine, including grain, sunflower seeds, cooking oil, and specific meat products until 30 June. He also noted that while according to the European Commission, Ukrainian grain exports should be facilitated to ease the food shortage in Africa, these imports could ‘ruin the Hungarian agricultural market instead’.
Péter Szijjártó noted that the so-called post-Cotonou agreement, planned between the European Union and the African, Caribbean, and Pacific Group, has three pillars: economic cooperation, migration, and other issues, such as sexual rights. ‘Hungary clearly agrees that economic cooperation should be tightened, which would be beneficial for both parties, especially nowadays when the world is moving towards the formation of blocs again,’ he said, adding, however, that regarding the issue of migration and sexual rights, the Hungarian government has serious doubts and red lines.
Corvinus University of Budapest is the only institution in Hungary to have been awarded the international BSIS certification for its contribution to local and regional socio-economic development.
The foreign minister emphasised right after winter, ‘in Europe, it is fashionable to strut about with great bravado these days,’ but the International Energy Agency recently issued an ‘ominous’ report indicating that the most severe difficulties are expected to come in the next heating season when supply security will be critical.
After reviewing the energy situation at the cabinet meeting on Wednesday, the government determined that all necessary resources are at its disposal to keep in place the utility cost reduction programme for households with average energy consumption.
To make the process of reducing inflation as strong and significant as possible, all possible tools must be used, they added. For this reason, in collaboration with the government, the Hungarian Competition Authority is establishing an online price monitoring system based on international examples, which contributes to increasing market competition and preventing overpricing.
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.
Hungarian Conservative is a quarterly magazine on contemporary political, philosophical and cultural issues from a conservative perspective.