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economy

Shifts in Employment Patterns: Hungary’s Workforce Statistics for November

The Central Statistical Office released its data for the month of November 2023. The press release pointed out that the number of employed individuals reached 4,736,000 in Hungary….

The Power of a Hand Reaching Out From the Grave — An Editorial by Ferenc Vukics

‘It may very well be that in a few decades’ time, it will become clear to all analysts that the US’s rise to being a hegemonic power has carried the seeds of its downfall, too.’…

Competition in the Digital Era: GVH Investigates Artificial Intelligence’s Influence on Consumer Vulnerability

As it was pointed out by the Hungarian Competition Authority, the extraordinary resources required for AI technology are presently monopolized by the largest technological giants, potentially distorting market competition in digital sectors in the future….

Hungary Receives Additional 170 Billion HUF in EU Allocations, Looks to Strengthen Economic Growth in 2024

According to the minister’s briefing, this brings the total amount of EU funds allocated to Hungary in the past days to a substantial 470 billion forints. Last Thursday witnessed a transfer of €779.5 million (equivalent to 300 billion forints) from…

Hungary Sets Investment Record with Over €13 Billion in Investment Inflows in 2023

Péter Szijjártó pointed out that Hungary managed to achieve great results despite the fact that the global economy underwent significant crises last year, as indicated by global data. The amount of investments made worldwide decreased by 12.5 per cent from…

Amendments to Hungary Helps: Expanding Aid Beyond Humanitarian Assistance

Tristan Azbej explained that through these amendments, Hungary will not only provide humanitarian aid but also contribute to economic development and peace-building efforts….

From Achievements to Aspirations: President Novák’s Recap of 2023 and Her New Year Wishes for 2024

In her speech, President Novák of Hungary recalled the most memorable events of 2023, a year ‘when there was reason to rejoice, to be proud,’ including Pope Francis’s visit to Budapest, the Nobel Prize awarded to Katalin Karikó and Ferenc…

300 Billion HUF of Unlocked EU Funds Arrive in Hungary

Under the scope of the Union’s REPowerEU programme, €779.5 billion have been transferred to Budapest and the amount is now included in the government budget, Finance Minister Mihály Varga announced today. According to Minister for Regional Development Tibor Navracsics, an…

Chinese Electric Car Manufacturer BYD to Open Massive Plant in Szeged

BYD, the world’s leading electric vehicle manufacturer based in Shenzhen, China is opening a new factory in the southern Hungarian city of Szeged. Foreign Minister Péter Szijjártó has called it ‘one of the biggest investment projects in Hungary’s history’….

Hungarian Central Bank Cuts Interest Rate By 75 Basis Points

The base interest rate has been cut for the third consecutive time, something that has not happened since 2020. These developments will greatly help eople who are looking to take out a mortgage, a business loan, or invest some money…

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