International Monetary Fund (IMF) acknowledged Hungary’s swift and firm response to coronavirus crisis, National Bank of Hungary (MNB) mentionned Monday.
Staff held consultations with officials from the central bank, the finance ministry, the innovation and technology ministry, commercial banks and industry associations at the end of April, said. the MNB in a press release.
Hungary’s rapid vaccination campaign will allow it to reopen its economy sooner than most European Union member states, allowing the recovery to kick in as early as this year, the central bank said as quoted by the IMF.
The IMF said continued and well-targeted fiscal support would be needed until the recovery “is firmly entrenched,” but added that any revenue windfall resulting from a faster-than-expected rebound would have to be salvaged. He added that the central bank should be prepared for increasing inflationary pressure.
Hungarian companies will set up vaccination points to vaccinate their employees
Many large Hungarian companies, such as Mercedes-Benz, MOL Group, Audi, Suzuki and Tungsram, have announced that they will set up vaccination points in order to immunize their employees with vaccines available from the government. Even though none of the companies make vaccination mandatory for their employees, they point out that the health benefits […]continue reading
The MNB said the IMF also recognized Hungary’s efforts to increase its level of competitiveness, but called for further improvements to enable the economy to respond firmly to the challenges posed by demographic shifts and climate change.
featured image: officials sorting coronavirus vaccines (illustration); via Noémi Bruzák / MTI