February 12, 2018 / 8:48 AM / a year ago

Hungary's future linked to capital-intensive growth -cbanker Virag

BUDAPEST, Feb 12 (Reuters) - Hungary’s future is strongly linked to capital-intensive economic growth, National Bank of Hungary managing director Barnabas Virag told a central bank conference on Monday.

Virag, who is not a rate setter, also said Hungary would have to improve its competitiveness with higher spending on research and development.

Companies across eastern Europe are ramping up investment in automation to cope with a labour shortage that started after the 2008 financial crisis. The changes indicate a shift in the labour-intensive model of the former Communist satellite states, which have attracted foreign investment with tax incentives and labour costs that pale in comparison to those in the West. (Reporting by Krisztina Than and Gergely Szakacs)

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