Economic Recovery Depends on Easing Household and Corporate Caution
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Minister of National Economy Márton Nagy said the recovery in retail consumption and a pickup in corporate investment required an easing of caution among households and businesses, addressing the year-opener of the Hungarian Chamber of Commerce and Industry (MKIK) yesterday, according to haszon.hu.
Nagy acknowledged there had been reason for caution after the economic difficulties in recent years but said a large part of the circumstance driving that had been remedied.
Real wages are set to climb 5% this year, while the labor market could expand as inactive Hungarians return to the workplace and others are retrained, lifting the number of employed from 4.7 million to 5.2 million, he said.
Nagy added that government programs were aiding recovery on the credit market, which was already visible in the corporate and retail segments.
While the domestic economy was "off to a good start," Nagy conceded that a pickup in exports faced "more serious" challenges and said the focus should be on boosting vehicle and battery exports amid the unfavorable circumstances on external markets.
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