State spending must concentrate on select areas, PM says

Hungary's economy can only be strong if public spending is concentrated on a few priority areas, the prime minister said on the morning television programme Napkelte on Monday, just two days after announcing the Socialist Party's (MSZP) economic election programme.

Priority areas where state spending could help build a modern industry are pharmaceuticals, biotechnology, information technology and machine industry, while developing business, services and tourism, Ferenc Gyurcsány said, noting that every area cannot be developed at the same time. The prime minister said the economy must be built stronger based on the main pull sectors and the generated income can finance welfare expenditures. Gyurcsány said the 2006 budget was fiscally tight despite the budget deficit running at around Ft 1,500 billion (EUR 5.97 billion).

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