The current Hungarian unemployment rate of 4.1 percent is the fourth best indicator in the European Union
The left was far more damaging than the epidemic!
The graph below is an excellent illustration of the state in which Fidesz-KDNP has taken over governance and how nicely unemployment has fallen over the last 10 years.
If Viktor Orbán has solved the results of the destruction caused by the left, he can handle the consequences of the coronavirus epidemic with his eyes closed. Even before the 2008 crisis, the Gyurcsánya set the Hungarian economy in decline with their robbery privatization, frozen wages and mass layoffs. We do not ask for more!
There are favorable developments in the labor market
Favorable developments can be seen in the labor market thanks to the measures of the Economic Protection Action Plan, emphasized László György, State Secretary for Economic Strategy and Regulation of the Ministry of Innovation and Technology (ITM) at a press conference in Budapest on Monday.
He emphasized that comparing the data of March, April and May, the Hungarian unemployment rate of 4.1 percent is the fourth best indicator in the European Union. In May, the average number of unemployed increased by 28,000. According to the Secretary of State, the increase was due to the fact that the number of inactive people decreased by 59 thousand in May, ie as many people returned to the labor market as emergency measures eased, 31 thousand of them started working and 28 thousand appeared in the statistics.
László György pointed out: the number of registered jobseekers is constantly decreasing for the second week. In five weeks, since the announcement of the job-creating wage subsidy, the government has contributed to the creation of 24,000 new jobs, ie it will help 24,000 Hungarian citizens to get a job.
He explained that the turnaround in the labor market was also indicated by the fact that the number of reported vacancies had increased significantly, compared to the 4,833 vacancies available in the previous week, with 6,136 workers looking for workers in the week of 22 June.
Regarding the implementation of the Economic Protection Action Plan, László György also said that through the various investment programs, an additional investment of about HUF 600 billion will be made in the Hungarian economy. He indicated the health industry will receive unprecedented support, details of which will be announced later.
The stock of state-subsidized loans and guarantees is constantly growing, HUF 282 billion in credit claims were received, of which HUF 95.8 billion has already been contracted by enterprises, he explained.
With the measures included in the Economic Protection Action Plan, they can help about 1,300,000 Hungarian citizens, the Secretary of State declared. He said that 12,000 697 companies had submitted wage subsidy applications to more than 185,000 people, and the application opportunity had been extended until the end of August. The job creation support contributes HUF 28 billion to the creation of 24,000 jobs. In the Student Loan Plus scheme, 14,000,827 applications were received, giving students a loan of HUF 7 billion 22 million.
Data for graphics:https://tradingeconomics.com/hungary/unemployment-rate