Forty Years of the Hungarian National Economy

Abstract

In comparison to the earlier decades, the past forty years have been a period of a rapid development in Hungary, having the greatest dynamism both for the national economy as a whole, and within it, for the industry, too. Following World War II the rapid increase in the demand for investment goods and for consumer_products, a dynamic growth became necessary both in Europe and within this in our region as well. The demand in Hungary could be characterized mainly by the requirement for full employment, for a rising living standard and for the renewal of technology. At the same time Hungary joined the international division of labour to a growing extent which gave an impetus to the country's increasing orientation towards foreign trade. The conditions of development were ensured by the available labour force improving not only in quantity but also in quality, and by the extending mechanization.