According to Márton Nagy, the Minister of Economic Development of Hungary, the country’s labor market requires a total of 500,000 more workers.
In a meeting with the National Council for Sustainable Development, the minister said that extra workers ought to ideally be found on the public market before Hungary goes to foreign workers.
In addition to modernization, research, and development, Márton Nagy emphasized that the country’s economy should be built on investments, which require a constant flow of foreign capital.
According to the Minister, Hungary had the third-highest investment rate of any OECD nation last year, at 27.2%. The government was focused on the country’s intermingling in spite of the adverse consequences of the conflict as well as the energy emergency.
Minister Nagy also said that the country’s GDP per capita reached 77.5 percent of the average for the European Union in 2022, up from 75% the year before.
“Those who say Hungary’s convergence was interrupted last year aren’t telling the truth. The indicators prove that this was the biggest jump in convergence in a decade,” the Minister noted.
Nagy emphasized that the country’s growth level is reaching 80% of the EU average with a targeted GDP growth of 1.5% this year, and that there was a realistic chance of getting 90% by 2030.
In addition, the Minister emphasized the significant rise in the proportion of Asian investors to the government’s success in implementing its policy of opening to the East.
While referencing the significance of the country’s job as an extension between German vehicle producers and their battery-production partners in the East suits, he expressed that with the development of new limit, the nation was set to become among the greatest battery manufacturers on the planet.
The unemployment rate increased to 4.0% in February 2023, according to the Hungarian Central Statistical Office (HCSO), while the three-month moving average increased to 4.1% between December and February.
The spread of the coronavirus and its new variants has made it clear that EU nations need a lot of workers to fill the gaps in employment found in many industries.
Up until this point, a number of nations, including Austria, Denmark, Germany, Portugal, Spain, and Sweden, introduced the Job Seeker visa, which allowed foreigners to enter a specific nation to look for work. This was done in an effort to bring in a greater number of foreign workers.