Péter Dunai
Secretary General, Hungarian Chamber of Commerce and Industry
New dimensions in the Hungarian financial system: The Chamber’s experience with the instant payment system Hungarian micro, small and medium-sized enterprises are the backbone of the economy, they provide the sound basis for sustainable economic and social development, and they also play a central role in employment. For that reason, developments in this sector, those supporting their adjustment to the broader external environment, the enhancement of productivity and efficiency, expanding the opportunities for reaching external markets, increasing entrepreneurship and financial literacy are key components of the Hungarian economy. The recent turbulent social and economic changes call for awareness and financial determination from market participants. This idea leads us to the necessity of an adequate level of financial literacy. The continuous development of financial literacy is becoming essential for national economies, including Hungary, since the high level and quality of financial literacy is the common interest of all economic actors. In recent years, several international scientific studies have confirmed that improving the quality of financial literacy is in the interest of not only households and companies but also the state, because the national economies where financial literacy is greater are usually more competitive, and are also better positioned in the global market. To ensure Hungary’s steady and sustainable economic growth and enhance its competitiveness, companies with financial awareness and a broad range of up-to-date knowledge are needed.
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