Posted by: Gabor Grenczer, Counsellor, Economy and Trade Posted on: Thursday 18 November 2010, 17:03

The Ministry of the National Economy has submitted Hungary's preliminary action plan for 2020 to the European Commission.

In this strategic document, the government outlined ambitious goals for 2020. It calculates an annual 3-3.5pct GDP increase until 2015 and subsequent growth of more than 5pct. The rate of employment (in the 20-64 age group) should rise to 75pct (form the current 56pct) by 2020. The government aims to reach a 7-8pct (year-on-year) investment growth rate by 2015, and a more than 10pct annual increase subsequently.

Beyond their value, it is important that future investment targets the Hungarian R©D sector, as the government has set a R©D spending target for 2020 at 1.8pct of GDP. After a wide and inclusive social debate on the details, a final action plan will be submitted to Brussels in April 2011.

November 15, 2010 ITDH News