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Briefing notesEconomy & Policy

Economic protection measures work

Economic protection measures are sustainable because they are proportionate, meaning the government does not spend more than is necessary, said László György, Secretary of State for Economic Strategy and Regulation.

In a recent interview, State Secretary of the Ministry of Innovation and Technology László Györgypointed out that the government’s recently launched programs to relaunch the economy are enabling investments worth some HUF 500 billion.

“There are areas where favorable processes have started, for example, the number of registered job seekers already decreased last week,” György said, adding that “although it is still in a fragile state, it signals a turnaround in the labor market.”

The state secretary noted that a long struggle awaits Hungary, as it is not possible to know if the epidemic will have a second or even a third wave. “In any case, no matter how many waves come, economic protection measures are sustainable because they are proportionate. That is, we do not spend more than is necessary,” he said.

György also explained that within its economic relaunch program, the government has laid out five pillars: It will preserve jobs, create as many new ones as the epidemic has destroyed, strengthen key economic sectors, provide financial resources for businesses, and protect families and pensioners.

“As we spend exactly what we need to protect jobs, there will be resources to create new ones and strengthen priority sectors through investment support,” György emphasized. He added that “This strategy will allow us, on the one hand, to find more productive companies in case the epidemic returns, and on the other hand, the state can continue to provide wage subsidies to workers.”

Source
Magyar Nemzet
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