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Hungary warns of recession era in Europe

2022-05-16T17:20:13.349Z

Budapest, SANA- Hungarian Prime Minister Viktor Orban warned today that the old continent is expected to witness an era



Budapest-Sana

Hungarian Prime Minister Viktor Orban warned today that the Old Continent is set to experience an era of stagnation as it struggles with rising energy costs and rising inflation due to the Ukraine crisis.

Reuters quoted Orban as saying: The European Union is trying to reduce the powers of Hungary and the member states, as Brussels abuses its power and wants to force us to do what is foreign to us, stressing that the gap between the European Union and Budapest is growing.

Orban indicated that the task of his new government will be to guide the country's economy through a European economic crisis, defending tax breaks and benefits for families and defending energy bills, stressing that the National Bank and the government must coordinate steps to curb inflation.

He added: The energy crisis and rising interest rates in the United States jointly led to high inflation and that all of this would lead to a recession, which would be followed by a decline in economic production and years of slight increases in production in Europe.

Hungary and a number of other countries have so far expressed their rejection of the current proposed European Union sanctions on Russian oil, with Budapest reporting that it wants hundreds of millions of euros from the European Union to ease the cost of abandoning Russian crude.

Orban earlier accused Brussels that the European Commission's proposals to impose an oil embargo on Russia could undermine the unity of the European Union.

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Source: sena

All business articles on 2022-05-16

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