Govt could take smaller steps to narrow budget gap if growth slows
Hungary's government would have to introduce 8-10 smaller measures to keep this year's fiscal deficit target if the economy grows at a slower pace than expected, state secretary of the Prime Minister's Office Mihaly Varga said in an interview with commercial broadcaster Hir TV on Sunday.
Early estimates put Hungary's GDP growth at 2% or lower this year, which would add HUF 80 billion-100 billion to the general government deficit, Varga said. To fill this "hole", the government would not take a single big step, but 8-10 smaller measures that would each narrow the fiscal gap by HUF 10 billion-20 billion, he added.
Assets transferred to the state from private pension funds earlier this year do not serve the goal of achieving the deficit target, Varga said, answering a question.
ADVERTISEMENT
Mapei Targets 6% Higher Revenue This Year
Parliament Negates Mandatory Membership in MOK
Richter Board Proposes HUF 390/Share Dividend
Veronika Spanarova Wins Expat CEO of the Year Award 2023
SUPPORT THE BUDAPEST BUSINESS JOURNAL
Producing journalism that is worthy of the name is a costly business. For 27 years, the publishers, editors and reporters of the Budapest Business Journal have striven to bring you business news that works, information that you can trust, that is factual, accurate and presented without fear or favor.
Newspaper organizations across the globe have struggled to find a business model that allows them to continue to excel, without compromising their ability to perform. Most recently, some have experimented with the idea of involving their most important stakeholders, their readers.
We would like to offer that same opportunity to our readers. We would like to invite you to help us deliver the quality business journalism you require. Hit our Support the BBJ button and you can choose the how much and how often you send us your contributions.
