Matolcsy calls for further developing Hungary growth model

The growth model of the Hungarian economy needs to be developed further to put the country on a sustainable catch-up path in the long term, the governor of the National Bank told an economic conference in Nyiregyhaza, in north-east Hungary, on Thursday. Gyorgy Matolcsy said the current "economic climate change" called for new approaches. Concerning the Hungarian economy, Matolcsy said that the country's net external debt would be repaid by 2021, adding that in economic terms Hungary had recently turned from being one of the most vulnerable countries to one of the less vulnerable ones. Despite that fact, he warned that "12 plus one threats" are facing Europe's economic development, affecting Hungary's ability to narrow the gap with more developed EU countries.