Hungary seeks economic shift toward knowledge-based growth and energy independence

At the GKI 2030 conference, experts and officials discussed the urgent need for structural changes in the Hungarian economy. Energy officials highlighted that Hungary faces the highest energy import dependency in Europe, at nearly 80 percent. To combat this, a plan is underway to develop an 8-gigawatt wind farm capacity between 2040 and 2050.

Economic analysts noted that the previous growth model, based on low-cost labor and foreign capital, has reached its limits. Experts suggested that transitioning to a knowledge-based economy with higher value-added jobs is essential for long-term competitiveness. Discussions also touched upon fiscal consolidation, with projections suggesting a path toward meeting Maastricht criteria for euro adoption by 2030, despite potential inflation spikes in 2027.

In the cultural sector, Károly Gerendai, founder of the Sziget Festival, expressed concerns regarding the festival's financial stability following lower-than-expected attendance and a decline in international visitors. He noted that while the festival previously operated independently, the current economic uncertainty may necessitate state support to stabilize the event.