Hungary’s FinMin envisions 3.5% of GDP growth

Analysis

Hungary can achieve economic growth amounting to 3.5% of GDP next year and in 2010, Finance Minister János Veres said at a conference.

The growth is possible despite the deteriorating trends of the global economy in the last six months, which led to even the European Union to cut its own growth projection by 0.5%, Veres said. The deficit is declining thus less money will be necessary to finance the central budget; these facts will grant a potential for economic growth in Hungary, Veres said. The economy will have an extra source of Ft 1,800 billion ($11.2 billion) for development next year, which will further be extended by Ft 600 billion – Ft 650 billion from EU sources, he added. This year the government plans a 4% budget deficit, which may go down to 3% next year. The government is working hard on fulfilling figures set in the Convergence Plan and will soon compile a report on the program to be sent to Brussels this month. The introduction of the floating exchange rate of the Hungarian currency against the euro was successful, resulting in a strengthened forint, Veres said. (Gazdasági Rádió)

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