Minister of State at the Ministry for National Economy Zoltán Cséfalvay said that the two pillars of Hungary's economic policy were financial stability and reforms.
The Minister of State said that stability measures, reforms and the abrogation of the excessive deficit procedure will enable Hungary to resume the “success story” of the 1990s, characterised by a small, open and export-orientated economy.
By introducing stability measures, the Government intended to share the burdens and risks of the crisis. Among reforms, he highlighted the public administration reform which aimed for economies of scale by the transformation of county and district administration; the labour market reform establishing flexible labour market regulation; and institutional reforms such as the new Fiscal Council.
The already completed taxation reform assists the improvement of competitiveness by reducing taxes on incomes and increasing those on consumption, said Cséfalvay.
The Minister of State added that general government debt has been on a downward path since 2012, central budget deficit was below 3 per cent in 2012 and may be around 2.7 per cent according to EU methodology. He also stressed that there will be no “election time budget” in 2014, because “this Government will preserve the achievement of a below 3 per cent deficit also in the future”.
Press release
© Hungarian Government
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