Quo vadis Hungaria? – Facing a New World

Matolcsy, György (2020) Quo vadis Hungaria? – Facing a New World. POLGÁRI SZEMLE: GAZDASÁGI ÉS TÁRSADALMI FOLYÓIRAT, 16 (Spec.). pp. 9-31. ISSN 1786-6553

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Abstract

Over the past decade, the Hungarian economy has achieved unique successes building on the fiscal and monetary policy turnaround implemented in the early 2010’s. The targeted measures of the government and the central bank have helped to put the Hungarian economy on a sustainable convergence path, and at the same time, they have strengthened the immune system of the economy. As a result, the Hungarian economy has been properly prepared to face the crisis caused by the coronavirus pandemic recently. However, in addition to addressing the short-term consequences, a longer-term perspective must be continously kept in mind as well. Only countries that are rapidly adapting to the norms of the new – post-Covid-19 pandemic – world, will be able to win the next decade. The norms of the 21st century are just taking shape, so every country has a chance to become a frontrunner. To continue the economic catch-up process, Hungary’s growth model needs to be further developed and adjusted to these new megatrends, and monetary policy must play an active role in this change.

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