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Fiscal consolidation is over, Matolcsy says

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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.

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