Author information:
György Matolcsy: Magyar Nemzeti Bank, Governor.
Dániel Palotai: Magyar Nemzeti Bank, Executive Director and Chief Economist. E-mail: palotaid@mnb.hu
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.
Cite as (APA):
Matolcsy, G., & Palotai, D. (2019). Hungary Is on the Path to Convergence. Financial and Economic Review, 18(3), 5–28. https://doi.org/10.33893/FER.18.3.528
Column:
Study
Journal of Economic Literature (JEL) codes:
E52, E61, E62, O10, O23, O47
Keywords:
convergence, sustainability, economic policy, competitiveness
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