Finance Minister Mihaly Varga – Photo: MTI

Finance Minister: EC raises Hungary 2022 growth forecast

The European Commission has raised its projection for Hungary's GDP growth this year to 5.5 percent from its summer forecast of 5.2 percent, the finance minister said on Friday.

The projected growth rate is higher than the European Union average of 3.3 percent, Mihaly Varga said on Facebook.

Varga said Europe’s sanctions against Russia could push the continent into a recession next year, but Hungary’s government was working to avert a crisis in the deteriorating economic environment. The government is protecting jobs, ensuring the country’s energy security, keeping utility bills low and family benefits in place while preserving the value of pensions, the minister said.

Thanks to the government’s cost-saving measures, the budget has the resources needed to finance these programmes, he added.

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