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It is essential for Hungary to increase wages, retain skilled labour

Staff Writer |
If Hungary wants to further improve economic competitiveness it is essential to increase wages, retain skilled labour and boost efficiency.

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Minister for National Economy Mihály Varga said that at the ceremony for presenting the Awards for Successful Enterprises.

The Hungarian economy needs companies which keep up with the global competition fuelled by the ever-intensifying fourth industrial revolution, Mihály Varga said.

As crisis management is now over, the main objectives are the facilitating of an innovation-led economy and the supporting of industrial production based on knowledge and R&D.

Some instruments of state debt management must also be modified, he added. In November, after the expected credit rating decision is to be announced, the Ministry for National Economy will propose some changes to residency bonds.

The Minister honoured six enterprises with the awards.

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