Marton Nagy, Hungary's Minister for National Economy, has summarized the most important economic policy achievements of the past 16 years in 18 points. The minister also shared a chart on his social media page that clearly and transparently presents the key measures.
The list begins with job creation, a topic our newspaper has also covered extensively. In 2010, the government pledged to create one million new jobs, a promise it has fulfilled. It is also worth highlighting the family-focused tax system and the expansion of social benefits. The Hungarian government is implementing Europe’s largest tax reduction program. In his recent annual state of te nation address, Viktor Orban stated that for fifteen years they have been building a family-based Hungary. The Prime Minister emphasized that Hungary has a future only if mothers feel financially secure. Therefore, over the next three years, a total of one million mothers will receive lifetime personal income tax exemption.
Support for pensioners is also a key priority. The 13th month pension payment has been restored, and the introduction of the 14th month pension has also begun. The utility cost reduction program is equally significant: Hungarian households pay the lowest energy prices in Europe.
The share of retail government bonds has igrown enormously, making the country’s financing more secure. The interest paid on these bonds does not end up in foreign hands but is reinvested into the Hungarian economy.
Price cap measures have also played an important role, successfully curbing the rise in food prices. The tax system also supports businesses: Hungary offers one of the most competitive business environments, thanks in part to its low corporate tax rate and its investment-promoting policies.
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