Fiscal consolidation is over, Matolcsy says


The huge problem of fiscal consolidation is over, economic growth will start from the middle of next year, national economic minister György Matolcsy said on a business breakfast organized by the American Chamber of Commerce in Hungary (AmCham) on Monday.

Since taking office in 2010 the Fidesz-government has achieved breakthrough in five areas: consolidated the budget, started to reduce public debt, increased the number of jobs due to the public work scheme, reduced the unemployment rate and pushed current account into the positive territory, Matolcsy said. In order to achieve results in the areas of job creation and debt reduction, the government used orthodox and unorthodox measures as well.
In the future Hungarian economic policy focuses on economic growth and investment stimulation, he added. Talking about the new directions of economic policy, he pointed out five main objectives: economic growth (from the middle of 2013), full employment, energy independence in 10-15 years, demographic turn to stop the shrinking of population and streghten the local communities.
According to the plans of the government, some taxes on income will be lowered while some taxes on consumption will be raised. By decreasing the public debt, more money could be spent on investments and the creation of an investor-friendly business environment, he added.


Hungary Inflation Rate at 21.5% in May Figures

Hungary Inflation Rate at 21.5% in May

Parl't Approves Amendments to Legislation on Judiciary Parliament

Parl't Approves Amendments to Legislation on Judiciary

Industrial Production Declines in April Manufacturing

Industrial Production Declines in April

Landmark Budapest Dept Store to Reopen After HUF 8 bln Renov... History

Landmark Budapest Dept Store to Reopen After HUF 8 bln Renov...


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.