Mr. Varga also addressed the government’s deficit reduction targets, aiming to lower the budget deficit from this year's 4.5% to 3.7% in 2025, and then to 2.9% in 2026, while continuing to support investments.
He said plans were afoot to allocate 770 billion forints to ongoing projects next year, such as the comprehensive development of the castle complex at Diosgyor, the railway upgrades in the Zahony region and the renovation of the Szeged–Roszke railway line. Additionally, the government will chennel 480 billion forints towards new projects, including the creation of a new campus for the Obuda University, establishing a national memorial site in Mohacs, and upgrading the sewage treatment plant in Karcag, he added.
Regarding the government's inflation targets, Mr. Varga said that in 2025, they expect an average yearly rate of 3.2%. He expressed hope that the new economic policy framework would lead to lower interest rates on both consumer and business loans.
This will inevitably help strengthen the economy by boosting investments through increased borrowing and consumption, driving economic growth beyond 3 percent,
– FM Varga said, adding that inflation and exchange rate policies are primarily shaped by Hungary's National Bank.
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