By: The Quinnipiac University Economics Research Team, Jack Hangen
The Hungarian government sees education as a priority and is making future investments. Hungary already invests more in higher education than other EU nations. In 2021 other European nations invested 0.8 percent of their GDP, while Hungary invested 0.4 percent of their GDP. Hungary ended up spending 1.2 percent of its GDP on universities and funding in 2022 is set to increase to 1.7 percent of their GPD.
In addition to the Recover and Resilience Facility (RRF) funds from the European Union, the higher education budget is HUF 650 billion and another HUF 310 billion is allocated to science parks. The three together (including the RRF) add to the 1.7% of expected GDP. An additional HUF 2.7 trillion will be put towards universities' needs within the coming years, coming in the forms of core and performance-based funding.
One growing concern among higher education circles in Hungary is housing for the increasing number of students. In 2021, 11 percent more people applied to higher education institutions than in the previous year. While this came after a 20 percent drop in 2020 which can partly be attributed to COVID-19, Hungary is looking to the future and trying to support a growing educated public.
This article is based upon: https://hungarianinsider.com/1-7-percent-of-gdp-to-be-allocated-to-universities-in-2022-9268/