By Quinnipiac University Economics Research Team, Kyle Del Balso and Tyler Brierly (ed.)
06 April 2020
“We will create as many jobs as the epidemic destroys.” – PM Orbán
Gov deficit goal will be increased from 1 percent up to 2.7 percent as the initial 2020 budget is changed. Plan will restructure 18 to 20 percent of Hungary’s GDP over three stages. The five programs/steps are in the second cycle.
Step 1: preserving jobs. The gov will pay for a portion of wages for firms that have had to shorten work hours.
Step 2: HUF 450 billion (EUR 1.23 billion at time of writing) will be spent on investments for job creation.
Step 3: help the sectors suffering the most like tourism and hospitality.
Step 4: HUF 2 trillion of gov backed loans made available to Hungarian firms.
Step 5: “Family and Pensioner Protection Program” involves gradually reintroducing 13th month pensions.
Stated roles: Innovation Minister László Palkovics will oversee protection programs while Minister Andrea Bártfai-Mager links public companies to the plan. Finance Minister Mihály Varga guarantees resources for the plan.
April 3: Prime Minister states that healthcare workers will receive a bonus of 500,000 HUF
April 4: New economic budget provides “unlimited” coverage for defense against the virus’s impacts. The Hungarian government proposes to create as many jobs that are lost due to the virus.
April 6: The government is preparing a 1.8 Billion Euro fund to combat pandemic and restart the economy.
April 8: The government is repatriated more people than ever in history. 7,995 have returned from 166 countries with aid from the government and another 928 are on the way.
April 8: The country has received almost 31 million masks, 133,000 testing kits, and 152 ventilators from China