World Economy

Hungary to See 4% Growth

Hungary to See 4% GrowthHungary to See 4% Growth

Hungary’s economy will grow by 4% in coming years, will reach full employment by 2022 with rising wages, and does not need EU funds to succeed, Prime Minister Viktor Orban said on Tuesday, laying out an economic agenda ahead of April elections, Nasdaq reported. The rightwing leader has frequently clashed with Brussels over laws that increased control over the media and over tough anti-immigration policies. Officials in Brussels have discussed making some of the funds the bloc disburses to member states conditional on maintaining the rule of law, as a way to rein in Hungary, Poland and other former communist states where ruling parties have asserted control over media and courts in recent years. Hungary received about €5.6 billion ($7.45 billion) in EU funds while contributing just €946 million in dues in 2015, according to figures from the European Parliament, making it one of the biggest net beneficiaries per capita of EU money. It receives around €500 per person in net subsidies from Brussels, compared to a GDP per capita of around €10,000.

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