Lasting growth as top priority: macroeconomic tensions and government economic policy in Hungary

Abstract

This study looks at the problems of five macroeconomic tensions: inflation, unemployment, the budget deficit, the balance-of-payments deficit, and the decline in production. Although it is quite lengthy, it still does not offer a full picture, since it does not address a number of important issues (among others, the question of monetary policy). Analyzing these five macroeconomic tensions provides a chance for me to comment on the government's policy. Wherever an economist goes these days, whether in private company or to a professional discussion, the question is levelled: does he or she agree with the government's economic policy package? I cannot reply to this question with a categorical yes or no. Readers will come to realize during the detailed analysis where I consider the announced policy correct, and where I have reservations, concerns or objections.

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