Sustainable Economic Goals – Hungary's Performance in the European Union

Marczell-Szilágyi, Eszter and Tóth, Arnold and Kálmán, Botond Géza (2023) Sustainable Economic Goals – Hungary's Performance in the European Union. In: XV. Pécsi Pénzügyi Napok : I. Pénzügy és Számvitel Nemzetközi Tudományos Konferencia = XV. Finance Days in Pécs : I. Finance and Accounting International Scientific Conference. Pécsi Tudományegyetem Közgazdaságtudományi Kar, Pécs, pp. 91-104. ISBN 978-963-626-211-2

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Abstract

Sustainability is one of the most frequently used concepts today. Its importance is indicated by the fact that the United Nations (UN) announced global sustainability goals.Supplying the Earth's growing population can only be ensured through the growth of the economy. Financial resources for economic growth can only be provided by a stable financial system, through which the state can achieve both growth and environmental goals. One of the foundations of financial stability is a stable economic background. The purpose of this research is to examine how Hungary's economic resources ensure the reconciliation of growth with the UN target system. Among the resources, we also examined material resources and knowledge capital. I used the data from the KSH and Eurostat databases. I measured economic growth by the development of GDP. We examined the relationship between the indicators and the UN goals and what conclusions can be drawn based on the trend of the indicators over time. Based on the results, employment reached the set target value, the ratio of investments to GDP increased after 2015. The level of knowledge capital utilization did not change during the examined period. There is still development work to be done in the field of research and development. Based on the results, the following conclusions can be formulated: environmental protection involves costs, which reduce economic growth. Nevertheless,environmental securing the future makes it essential to bear these costs. In addition to the current high level of employment, the rate of growth is ensured by stably available investment resources. Better resource productivity also helps GDP growth. Growth is also induced in the longer term by investments in research and development, especially in environmentally friendly technologies.

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