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Unemployment to top 9%

  In 2009, the rate of unemployment could top 9% in Hungary, representing 60,000–80,000 new jobless people, investment fund manager AXA Magyarország Befektetési Alapkezelő Zrt said.

 

The changes would further worsen Hungary’s already poor labor market activity indicators, which would also present significant additional costs for the central budget as dropping tax revenues would be paired by increasing welfare expenditure.

Job losses would in particular impact the over-50 age group, the members of which in all likeliness will cease to find new jobs and will resolve to living off welfare instead, the company said. (Napi Gazdaság, Gazdasági Rádió)