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Matolcsy urges structural changes to government

MNB

Photo by Adriana Iacob/Shutterstock.com

National Bank of Hungary (MNB) governor György Matolcsy on Monday said that significant institutional changes will be required in the structure and functioning of government to avoid getting stuck in a middle-income trap, according to a report by state news wire MTI.

In a weekly op-ed piece published on the website of daily Magyar Nemzet, Matolcsy noted that despite the economic achievements between 2010 and 2019, Hungary's level of development at the end of the period compared to the EU average still fell short of the historical high of 1936 when the country's level of prosperity was closest to that of Western Europe.

Between 2010 and 2019 the gradual catching up with the EU average in Hungary had not reached the same momentum as that of the Baltic states, Poland and Romania, he added.

Matolcsy said that the decisive reasons for this are the shortcomings of the functioning of the state, especially the weaknesses of the functioning of the government.

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