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Hungary Is on the Path to Convergence

György Matolcsy and Dániel Palotai ()
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György Matolcsy: Magyar Nemzeti Bank
Dániel Palotai: Magyar Nemzeti Bank

Financial and Economic Review, 2019, vol. 18, issue 3, 5-28

Abstract: After 2010, Hungary achieved exceptional economic results both by Hungarian and international standards, and thus the Hungarian economy has become one of the growth engines of the European Union. Hungary’s economic policy measures successfully placed the country on the path to convergence, bringing the country to the forefront of the European Union in areas such as raising the employment rate, decreasing unemployment, improving the budget balance and government debt, and restoring external equilibrium. As a result of this, the Hungarian economy has sufficient stability and reserves to implement a turnaround in competitiveness, which may be achieved by targeted measures. This paper reviews Hungary’s macroeconomic achievements that are outstanding also by international standards and based on which sustainable convergence of the national economy can be ensured.

Keywords: convergence; sustainability; economic policy; competitiveness (search for similar items in EconPapers)
JEL-codes: E52 E61 E62 O10 O23 O47 (search for similar items in EconPapers)
Date: 2019
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Handle: RePEc:mnb:finrev:v:18:y:2019:i:3:p:5-28