Hungary’s COVID19 Protection 06 April 2020

By Quinnipiac University Economics Research Team, Kyle Del Balso and Tyler Brierly (ed.)

06 April 2020


Photo by Seth Fogelman on Unsplash

“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.

Other Updates:

  • 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