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.
Richter Shareholders Approve HUF 423/Share Dividend
Liz & Chain Rooftop Bar Debuts Sustainable Cocktails
SUPPORT THE BUDAPEST BUSINESS JOURNAL
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.
