Márton Nagy

Márton Nagy is the Minister for National Economy of Hungary since the 1st of January 2024. He previously served as the Minister for Economic Development from May 2022. Prior to that, he held the position of Chief Advisor to the Prime Minister.   Minister Nagy is an economist. From 1998 to 2000, Mr Nagy began his career as a macroeconomic analyst at the Government Debt Management Agency (ÁKK). From 2000 to 2002 he worked as the chief economist at ING Bank. He joined the team of the National Bank of Hungary (MNB) in 2002. Between 2013 and 2015, he was the Executive Director responsible for Financial Stability and Lending Incentives, and was also a member of the Financial Stability Board and the European Banking Authority. Between 2015 and 2020, Mr. Nagy served as the Deputy Governor of the National Bank of Hungary and was a member of the Monetary Council. In 2020 he became the Chief Economic Advisor to the Prime Minister. From 2022, he served as the Minister for Economic Development without portfolio, then from 2023 he was the Minister of the Ministry for Economic Development. He leads the Economic Cabinet since December 2023. From the 1st of January 2024, the Ministry for Economic Development continued its expanded operations under the name of Ministry for National Economy. As of the 1st of January 2025, the Ministry for National Economy and the Ministry of Finance merged, the operations of the Ministry of National Economy further expanded with the government functions of the Ministry of Finance.   Minister Nagy is the author of numerous research papers, analyses and articles. His research mainly focuses on banking competition and efficiency, pricing of banking products, healthy lending and the American subprime mortgage crisis. He frequently analyzes the economic challenges and the financial system in his publications. During his career at MNB, he participated in the creation of the Funding for Growth Scheme, the conversion of foreign currency loans to Hungarian forint loans, the resolution of MKB Bank, the nationalisation of the Budapest Stock Exchange and the launch of the Bond Funding for Growth Scheme.   As a Minister, he oversaw the acquisition of Vodafone Hungary Ltd., the launch of the Baross Gábor Reindustrialisation Loan Programme and the Baross Gábor Capital Programme, the introduction of the online price monitoring system and the joint negotiations with commercial banks regarding the voluntary interest rate cap. He led the negotiations for the acquisition of Budapest Airport Ltd., which restored Hungarian majority ownership of Budapest Liszt Ferenc International Airport.  Minister Nagy is responsible for the creation of the New Economic Policy Action Plan consisting of 21 measures, which increase household incomes, make housing more accessible to young people, and support the growth and productivity of Hungarian SMEs. One of the main pillars of the Action Plan is the Demján Sándor Programme, which provides targeted support aimed at helping Hungarian SMEs to scale up and improve their competitiveness.