The global financial crisis could drag Hungary into recession for as long as a year and a half, Prime Minister Ferenc Gyurcsány told a meeting of the National Development Council in Parliament on Wednesday.
Traditional economic stimulus measures cannot be used for the current crisis, though the appropriate tools of development policy and monetary policy are not lacking, Gyurcsány told the council. Quick and decisive action is of primary importance, he added.
Gyurcsány recalled that the government had promised at the start of its term in 2006 that austerity measures would last for two years, after which Hungarians could enjoy the fruits of these measures for the following two years. “The crisis rewrote the script on that, not just the government’s, which is a lesser problem, but families’ and businesses’,” he said. (MTI-Eco)