September 13th, 2012

Quotable: József Dancsó on the why recession is actually growth

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“Economic growth is growth even when it happens to be negative [growth].”

Fidesz MP József Dancsó in a Parliamentary committee meeting on Monday about the Hungarian economy's performance. Dancsó later explained that "in mathematical terms" it's more appropriate to talk about positive or negative growth for the sake of consistency. [hvg.hu]
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  • Walter White

    Ahhhh, now I see!
    Elementary!
    So… a rising unemployment rate is actually a step towards a mill more jobs.

  • Observation

    Pretty Amazing, but he’s FIDESZ so his re-election is in the bag so to speak.

  • Peter

    Outside Hungary, negative growth is better known as recession or depression.

    Actually, even in Hungary, people might feel that times of negative growth are rather tough.

  • Erik D’Amato

    Well, to be fair this question of economic terminology is debated outside of Hungary, though probably not with such darkly humorous overtones.

    • Peter

      Sure, but outside Hungary people don’t tell that “negative growth” is growth too…
      Economic growth is calculated by subtracting inflation from the headline GDP expansion rate and there’s clearly a contraction in most sectors.
      The Fidesz MP’s should stop to play “clever” word games and dare to say the R word: Hungary has slipped into Recession.

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