Central Bank Governor Georgi Modolsky discusses with Victor Orban an article on Hungary countries.

“Did we overtake the curve?” – It analyzes with this topic Situation of the Hungarian Economy in Georgie Modolsky, Hungary. “Not briefly,” he begins to answer his own question.

Victor Orban February 12 Annual Assessor said: “Since we have always been on our own since the crisis in 2010, we did not use Brussels recipes, but instead used Matolcsy-Varga treatment to restart the economy. By 2021, we have already grown to 7 percent and worked hard to reduce the decline due to the epidemic.

According to Matolcsy, in comparison: “In the EU-27 group, we have moved from 20th place in 2019 to 21st place at the end of 2021 in terms of economic growth. Part of the evil of Hungary is due to the large share of tourism in GDP, but the former is due to the competitive advantages of the Polish model. ”

Then he writes, “This is no longer the answer, but the picture is already very subtle. Hungary has handled this crisis more successfully in many areas than many EU member states, especially in the Czech Republic, Slovakia and Romania. It is approaching the EU average by about 2 percentage points in two years.

“So in the current crisis, we have done better than ourselves, and we have done better in overcoming the current crisis than exploiting the ups and downs of the past. It can be said that we have overtaken ourselves in many areas during the curve.

“Has anyone in the EU-27 been overtaken by preliminary estimates during the 2020/21 crisis?” He answered the question, “Yes, and more. Denmark overtook the Netherlands, with the Danes beating the Dutch by about 1.5 percentage points. Sweden overtook Germany, with the Swedes beating the Germans by almost 2 percentage points. Belgium also had a slight lead over Germany. Italy surpassed Malta by about 1 percent. Cyprus was overtaken by Lithuania, Estonia and Slovenia, while the previous 1 percent Czech advantage between the Czech Republic and Cyprus had multiplied. Spain’s EU-27 average income has fallen from 90% to 83%, ahead of many in Spain.

Meanwhile, “Hungary’s growth rate is projected to increase from 72.8 percent in 2019 to about 75 percent in 2021 (final figures are expected by the middle of the year), while Portugal has fallen from 78.6 percent to 76 percent. The percentage reached the level of growth of Portugal in terms of poles, just ahead of us. With slightly better Hungarian performance during the 2020-21 crisis, Hungary may have overtaken Portugal, thus not only overtaking us on the curve, but also the EU economy ahead of us. ”

Also, the Governor of the Central Bank is pleased with the 7.1 per cent GDP growth – we have reached the target set in 1998! – But he writes, “This 7 per cent is not that 7 per cent. The basis was a decline of 4.7 per cent in 2020, so we can not just explain the number of growth in 2021. It is worth looking at two years together and we get a reliable picture of economic growth.

What is not dissatisfied with it is that Hungary managed the corona virus crisis much better than it did after the fall of 2008. “The most important difference between the crisis management of 2008/09 and 2020/21 is not really in the GDP data, but in the period of crisis management. It took 6.5 years to recover the pre-crisis GDP level, and now it is 6 quarters!” He shouted happily at the end of his writing. .