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Gov’t to cut HUF 1,700 bln on bureaucracy

The government wants to cut some HUF 1,700 billion on administration costs, a study published on the website of the National Economy Ministry says.

Easing the administrative burdens is essential for Hungary to come up with the most competitive countries of the European Union and to recover our leading position in the region, the ministry wrote.

If taken seriously, Hungary would have to shrink its administrative burdens to reach the proportion of the Czech Republic's, one that is below the EU average.

As Hungary’s GDP is about HUF 26,000 billion, the country would need to save HUF 1,700 billion to meet the plans draw up in the study, Világgazdasá calculated. The cost cut would take place progressively but, the portal added, citing ING Bank economist Dávid Németh, could certainly reduce the number of workplaces.