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Minister: ‘Hungary’s economy shock resistant’

Hungary's economy is "shock resistant" and though hit hard by the coronavirus crisis, it was among the first economies in Europe to return to pre-pandemic growth levels, the innovation and technology minister said in Salgotarjan, in northern Hungary, on Friday.

Laszlo Palkovics participated in a working meeting that reviewed the complex development programme for the city and Nograd County until 2030.

He cited international analysts projecting a 7-7.5 percent economic growth in Hungary this year. “The government’s projection is a bit more cautious, at 7 percent, which however puts Hungary among the best performing economies in Europe,” he said.

The minister also said that due to the government’s measures Hungary’s employment rate had returned to pre-pandemic levels with more than 4.7 million people holding a job in April.

Palkovics said he visited the plant of French transport company Alstom in Matranovak where he was briefed about plans for a large-scale expansion.

Meanwhile, Alstom said in a statement that it will introduce new industrial technologies and expand the portfolio to enhance the competitiveness at the Matranovak plant over the next years and presented the plans to the minister.

The statement quoted Palkovics as saying that Alstom’s plant at Matranovak plays a key role in Nograd County’s economy.

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