THE CHARACTERISTICS OF HUNGARIAN ECONOMIC GROWTH

When examining Hungarian economic growth, the dynamics of credit and investment play an important role. GDP, as the basis for measuring economic performance, often fails to adequately consider social and environmental factors. Therefore, alternative indicators, such as the Human Development Index and the Gross National Happiness Index, are more closely linked to measuring social well-being and sustainability. Attention to quality investments, which are essential for maintaining economic growth, is particularly important, as these investments foster technological development and the modernization of economic structures. The role of the credit market is also crucial, as appropriate credit provision and financing of investments fundamentally influence economic growth. Despite crises and geopolitical tensions, favourable lending conditions and state-supported credit programs, such as the Széchenyi Card Program, provide significant support for launching investments in domestic businesses. However, the external market environment, high inflation, and financial uncertainties may hold back further investments, which could reduce competitiveness in the long term.

XIII. ÉVFOLYAM 2025. SPECIAL ISSUES 2. 13-19

DOI: 10.24387/CI.SI.2025.2.3

A cikk megtekinthető: http://controllerinfo.hu/wp-content/uploads/2025/12/CI_különszám_2025_2_03.pdf

REFERENCES

ALMAGHRABI, KHADIJA S. (2022): COVID-19 and the Cost of Bond Debt: The Role of Corporate Diversification. Finance Research Letters. https://doi.org/10.1016/j.frl.2021.102454

ALTAVILLA, CARLO – CANOVA, FABIO – CICCARELLI, MATTEO (2020): Mending the Broken Link: Heterogeneous Bank Lending Rates and Monetary Policy Pass-Through. Journal of Monetary Economics, Vol. 110, pp. 81–98. https://doi.org/10.1016/j.jmoneco.2019.01.001

ALSAYEGH, MAHA FASIAL – RAHMAN, RASHIDAH ABDUL – HOMAYOUN, SAEID (2020): Corporate Economic, Environmental, and Social Sustainability Performance Transformation Through ESG Disclosure. Sustainability. https://doi.org/10.3390/su12093910

BAKSAY, GERGELY – MATOLCSY GYÖRGY – VIRÁG BARNABÁS (2022): Új közgazdaságtan a fenntarthatóságért. 2. fejezet: A gazdasági növekedés fenntarthatósági korlátai. pp. 21. New Economics for Sustainability. Chapter 2: The Sustainability Constraints of Economic Growth. pp. 21.

BRUCE C. GREENWALD – JOSEPH E. STIGLITZ (2017): A tanuló társadalom megteremtése – A növekedés, a fejlődés és a társadalmi haladás kérdéseinek új megközelítése Creating a Learning Society – A New Approach to Growth, Development and Social Progress. Napvilág Kiadó kft.

CECCHETTI, STEPHEN G. – KHARROUBI, ENISSE (2012): Reassessing the impact of finance on growth. BIS Working Papers.

CSATH, MAGDOLNA (2014): Közgazdaságtan, Társadalom-gazdaságtan, makroökonómiai alapok Economics, Social Economics, Macroeconomic Foundations, Nemzeti Közszolgálati Egyetem, Budapest

CSATH, MAGDOLNA (2022): Növekedési vagy fejlődési csapda [Growth or Development Trap]. Hitelintézeti Szemle, Vol. 21, No. 2, June 2022, pp. 152–174.

FATOUH, M. – MARKOSE, S. M. – GIANSANTE, S. (2021): The Impact of Quantitative Easing on UK Bank Lending: Why Banks Do Not Lend to Businesses? Journal of Economic Behavior & Organization. https://doi.org/10.1016/j.jebo.2019.02.023

FINDRIK, MÁRIA (2016): Fogyasztási trendek és azok hatása a versenyképességre [Consumer Trends and Their Impact on Competitiveness]. In: Versenyképességi tényezők a 21. században [Competitiveness Factors in the 21st Century]. Edited by: Gyenge, Balázs — Kozma, Tímea — Tóth, Róbert. ISBN: 978-963-12-7158-4. pp.51-72.

HASAN, IFTEKHAR– KIM, SUK-JOONG – POLITSIDIS, PANAGIOTIS N. – WU, ELIZA (2021): Loan Syndication Under Basel II: How Do Firm Credit Ratings Affect the Cost of Credit? Journal of International Financial Markets Institutions and Money. https://doi.org/10.1016/j.intfin.2021.101331

HICKS J. (1969): A Theory of Economic History. Clarendon Press, Oxford

HUI, ZHIYANG – LI, HAOYU – ELAMER, A. AHMED (2024): Financing Sustainability: How Environmental Disclosures Shape Bank Lending Decisions in Emerging Markets. Corporate Social Responsibility and Environmental Management. https://doi.org/10.1002/csr.2789

ISLATINCE, HASAN – FIRAT, ALI MERDAN (2022): Examination of the Relationship Between Non- Performing Loans and Macro-Economic Variables in Banking Sector: The Case of Turkey (2003-2020). International Journal of Academic Research in Economics and Management Sciences, 11(3). https://doi.org/10.6007/ijarems/v11-i3/15438

KIM, HAE (2017): The effect of Consumption on Economic Growth in Asia, Journal of Global Economics, Volume 5, Issue 3, 8.

KISS, JUDIT (2022): Stratégiaváltás a világgazdaságban. Exportorientáció és/vagy belsőkeresletre alapozott növekedés [Strategy Change in the World Economy. Export Orientation and/or Domestic Demand-Based Growth]. Akadémiai Kiadó, Budapest.

KOLOZSI, PÉTER PÁL – PARRAGH, BIANKA – PULAI, GYÖRGY (2017): Jegybanki hitelösztönző programok rendszerezése — célzottság és intenzitás [Systematization of Central Bank Credit Incentive Programs — Targeting and Intensity]. Pénzügyi Szemle, 2017/4.

PALLEY, THOMAS I. (2002): A New Development Paradigm: Domestic Demand-Led Growth. Why it is Needed & How to Make it Happen. Foreign Policy in Focus, September 2002

PALLEY, THOMAS I. (2011): The Rise and Fall of Export-Led Growth, Levy Economic Institute of Bard College. Working Paper, No. 675, July 2011

PARRAGH LÁSZLÓ – TÓTH RÓBERT (2022): A magyar gazdasági pálya a koronavírus-járvány után: Erős vállalatok, ösztönző állam, hatékony együttműködés [The Hungarian Economic Path After the Coronavirus Pandemic: Strong Companies, Incentivizing State, Effective Cooperation] In: Parragh, Bianka; Báger, Gusztáv (eds.) Az ösztönző állam válságkezelése II.: A sikeres gazdasági újraindítás [Crisis Management of the Incentivizing State II: Successful Economic Restart] Budapest, Hungary: Ludovika Egyetemi Kiadó (2022) 456 p. pp. 151-188.

SOLOW, RÓBERT (1991): Technical Change and the Aggregate Production Function. The Review of Economics and Statistics, Vol. 39: pp. 312-320.

STERN, NICHOLAS (2013): The Structure of Economic Modeling of the Potential Impacts of Climate Change: Grafting Gross Underestimation of Risk onto Already Narrow Science Models. Journal of Economic Literature Vol. 51 (3): pp. 838–859.

STIGLITZ, JOSEPH – SEN, AMARTYA – FITOUSSI, JEAN- PAUL (2009): The Commission on the Measurement of Economic Performance and Social Progress

VARGA, JÓZSEF – ELBEGDORJ, TEMUULEN — BAREITHareith, Tibor (2019): A gazdasági növekedés és a hitelezési volumen összefüggésének empirikus elemzése Magyarországon [Empirical Analysis of the Relationship Between Economic Growth and Credit Volume in Hungary]. Pénzügyi Szemle. 2019/4. pp. 483-498.

VELTRI, STEFANIA – CRISTIANO, ELENA – FERRARO, OLGA (2022): Examining the Quality of the Consolidated Mandatory non‐financial Statements of a Cooperative Banking Group: A Longitudinal Analysis. Corporate Social Responsibility and Environmental Management. https://doi.org/10.1002/csr.2436