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Retroactive taxes, pension grab hinder job creation - GKI

By introducing retroactive crisis taxes and taking over private pension funds,  Hungary's government has placed the affected sectors and the country in an unfavorable situation and is hindering job creation, the Hungarian economic research company GKI said in its latest report published on Wednesday.

GKI noted that one of the most important goals of the government was to create 1 million new jobs in 10 years, which it then modified to 400,000 by 2014 and again later to 300,000.

Most of the people losing their job during the 2009 crisis found employment again last year, and there were 73,000 new workplaces in 2010, mainly with exporting companies, GKI said. Hungary's industrial sector employed 689,000 people in May 2011, 29,000 more than a year before, the research institute said.