Economic Balance and Growth [antikvár]

Preface This work focuses on the significant success of the Hungarian economy in the period from 2010 to 2014, the return to a balanced budget and the stabilisation of the economy which led to a recovery in Hungarian growth. At the same time, it discusses the first ten years of Hungary's membership of the European Union, examining the mistakes made in economic policy in the period 2004-2014. It analyses why it was not possible to take advantage of the historic opportunities opening up following accession in 2004 and why a fundamental change in economic policy was required even before the crisis in 2008-2009. Focusing on the two decades of flawed, unsuccessful economic development in the period 1990-2010, it discusses why the economic policy, tools and solutions which proved successful in the period 2010-2014 were not used earlier in Hungary and why these were only used after the political transformation, when the country had no alternatives, because of the evident complex crisis situation. It is worthwhile to compare Hungary's economy in the period 1990-2010 with the other economies in the Visegrád region. The Czech Republic, Poland and Slovakia started the 1990s with similar historical legacies and economic structures. Over the last two decades, the convergence process in these countries was not accompanied by excessive growth in external or internal debt indicators, and thus their convergence has proven to be sustainable from a financing perspective. By contrast, for the entire period of 1990 to 2010 the Hungarian economy was characterised by a situation in which either balance indicators deteriorated due to the structure of growth, or growth was retarded because it was necessary to remedy imbalances. Throughout the period 1990-2010, the economic policy dilemma in Hungary was always "economic balance or growth". This was resolved by the successful restoration of balance between 2010 and 2014, and the recovery in economic growth as a result of economic stabilisation.