Business infrastructure

We should prepare for another recession

Finance Minister Varga said that it is already clear that we will soon enter a recessionary environment.

Hungarian industry, including healthcare, is capable of providing the country with a complete and safe supply, Finance Minister Mihály Varga said on Thursday in Mátészalka, at the handover of the HUF 8 billion healthcare development project of EU-FIRE Ltd.

The minister said that the new plant in the small town of Szabolcs-Szatmár-Bereg County can produce large quantities of surgical aids, syringes and protective equipment, and that production will take place in fully automated and partly robotized factories.

The investment was made with the support of the Healthcare Industry Support Programme (ETP), as well as significant state support. Hungary needs projects like the one in Matészalka in many other places and areas, he stressed. 

According to the minister, the Hungarian healthcare industry is now strengthening the growth capacity of the domestic economy, contributing to Hungary’s competitiveness at the European level, and its ability to export.

The ETP’s developments, worth more than HUF 66 billion, have contributed to the creation and preservation of 5,700 jobs, he pointed out.

The minister stressed that the war in Ukraine is causing a crisis and an economic slowdown not only in Europe but in the entire global economy. 

The Hungarian economy is doing well in terms of industrial, production and real economic indicators, but it is already clear that it will soon enter a recessionary environment through financial processes, he said. Varga added that high inflation and the European energy crisis will hamper the functioning of European economies, so the issue of energy supply and the filling of reserve tanks will be a key issue in the coming months.

Show More

Related Articles

Back to top button