Hungary’s foreign minister has highlighted how the country “became first from last” in terms of economic growth in the European Union within just ten years.
During the Asian Financial Forum in Hong Kong, Péter Szijjártó, Minister of Foreign Affairs and Trade, said Hungary had the highest growth rate among EU members at the end of last year, whereas in 2010 it ranked 28th.
According to MTI, the foreign minister praised the government’s “unorthodox” economic policy, fast adaptation of new technologies, as well as tax changes that all led to a higher growth rate.
The minister said the Hungarian government had made the strategic decision of continually cutting labor-related taxes and increasing wages.
Referring to the government’s Eastern Opening strategy, Minister Szijjártó said that the East has at least as great an impact on the global economy as the West. He noted that 38 percent of new jobs last year had been created by Chinese, Korean, and Japanese companies. He added that Hungary was the first EU member to join China’s Belt and Road Initiative.