The ECB asset purchase programme announced on Thursday will help Europe, especially the Eurozone, to enter a growth phase and the expansion of European markets will also be beneficial from the aspect of the Hungarian economy and Hungary’s export volume, Minister for National Economy Mihály Varga said at the ceremony for presenting the December Awards for Successful Enterprises in Budapest.
The Hungarian model has been proven to be effective, Minister for National Economy Mihály Varga said at the conference organized by business daily Világgazdaság in Budapest.
The Hungarian Central Statistical Office (KSH) reported earlier today that in November 2014 and in January-November 2014 wages in real terms were up by 1.8 percent and 2.9 percent, respectively, within the national economy. Thus, the positive wage growth trend has been unbroken for twenty-three months in a row.
Thanks to Government measures aimed at cutting foreign currency denominated debt, Hungary has been spared HUF 1000bn of extra liabilities, the Minister for National Economy said on public television M1 earlier this morning.
The governments of several Central European countries have requested Hungary’s Ministry for National Economy (NGM) to provide more information on the Hungarian model for phasing out forex loans.
The step taken today by the Swiss National Bank (SNB) has confirmed that Government measures aimed at lowering Hungary’s forex debt burden have been relevant. The SNB measure triggered extreme exchange rate volatility on forex markets and the Forint depreciated significantly vis-á-vis the Franc.