Fiscal adjustment or budget amendments present no risk says Varga
Hungary's incoming economy minister Mihály Varga sees no risk at present requiring a fiscal adjustment package or amendments to the budget. Varga said that the changes were not necessary referring to a fresh economic forecast published by the European Commission late in February.
The forecast predicted that Hungary's general government deficit would reach 3.4% of GDP in both 2013 and 2014. The government aims to keep the fiscal gap under the 3% of GDP EU threshold. The EC also projected Hungary's economy would contract by 0.1% this year, far removed from the government's projection for 0.9% GDP growth.
Varga said work had started on an update of Hungary's Convergence Program to be submitted to Brussels in April. The government is prepared to submit a program that will be accepted by the Commission, he added.
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