To compensate recent negative turns in global economics, Hungary must speed up the implementation of its national goals, Central Bank Governor György Matolcsy wrote in the latest of a series of authoritative articles on economics portal novekedes.hu.
“Success prevents and cures, thus we must bring forward the implementation of our national goals to the year 2030,” Matolcsy wrote. “In order to compensate and even influence the dramatic turns of this decade, we must have strong reforms and turns. If we do not turn, the world will do it for us, but not in a direction that benefits us.”
He wrote that in the decade behind us, Hungary managed to fully exploit its opportunities but in order to do the same in until 2030, the following twelve points are a must:
1. Full demographic turn with at least 110,000 newborns a year.
2. Full lifestyle turn, making healthy and active living the general norm.
3. Full institutional turn in healthcare.
4. A new, secure and sustainable pension system.
5. A competitive educational system, universities in the [global] top 100.
6. A new financial system based on the marriage of money and technology.
7. World-class transport infrastructure.
8. Healthy agriculture and safe food industry.
9. Capital- and technology-intensive manufacturing industry.
10. Developed creative industries.
11. Multi-faceted and dynamic services sector.
12. Competitive, efficient and trend-setting state institutions.
This, however, also requires two thirds of the Hungarian GDP amounting to €150 billion, which we already achieved once in the past decade. That is why smart and fundamental reforms are required early in the decade. And we must also live by the hidden advice of Thomas Jefferson: “Honesty is the first chapter of the book wisdom.”
Title image: Central Bank Governor György Matolcsy.