20 Apr

State Secretary for Financial Policy Affairs, Gábor Gion, held a virtual roundtable discussion with the members of the US-Hungary Business Council on April 15, 2021. Ambassador Szabolcs Takács welcomed the participants of the virtual event, praised the Hungarian-American economic relations, and thanked the representatives of the companies for their continued commitment to their Hungarian investments.

State Secretary Gion reported on the current economic developments in Hungary and described the economic response measures introduced to offset the negative effects of the pandemic situation. The State Secretary stated that ’we are at the forefront of vaccination in the EU, with more than 3 million people already vaccinated, about 30% of the population. With the imposed central bank measures, the Hungarian government has reallocated about 30% of the annual GDP to economic protection. As a result, GDP fell less than previously expected, by a total of 5% last year, compared to an average decline of 6.2% measured in the EU. Currently, it is expected that the GDP will grow by 4.3% in 2021, and 5.2% in 2022. The rate of unemployment has also increased by a smaller amount than previously predicted, increasing from 3.5% before the pandemic to around 4.2%. Despite the pandemic, Hungary has remained a very attractive investment destination for global companies, said the State Secretary.

Representing the USHBC, President Eric Stewart thanked the Hungarian administration for its support in recent years. He indicated that American companies continue to be satisfied with the investment environment in Hungary and consider the pro-business approach of the Hungarian government to be extremely important.