Hungary: 3% deficit still far away

History

The national budget deficit may go as low as 6% of the GDP opposed to the government forecast of 6.8% in 2007, said central bank governor, András Simor at an event.

However, attaining the 3% target of 2009 calls for further structural reforms, which the national bank has yet to see in the government’s plans, he stressed. The most important item on the list of government reforms is revamping the taxation system, which is crucial to maintaining and enhancing competitiveness, Simor said. Regarding the abolishment of the forint trading band, the governor stated the issue is currently not on the table, as the government fears the move would strengthen the forint to degrees that would harm national exports. (Gazdasági Rádió)

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