Economy
Hungary will not have an election budget - state secretary
Tough adjustment in itself will not resolve the problems of the economy and if the government still thought that this was the solution then it would lose its focus on the necessary reforms, Cséfalvay said. Among the institutional reforms he highlighted the debt break, the Fiscal Council and the Stability Act. With respect to the tax reform the state secretary noted that the government distributed the burdens between the players of the economy and applied a growth-friendly mix by cutting income taxes and raising consumption taxes.
Regarding the reforms on the labour market Cséfalvay said this particular overhaul was indeed unorthodox. Hungary’s labour market regulations are one of the most flexible in Europe, he added.
Addressing the tasks ahead he mentioned the need to further whiten the economy, take additional tax reform measures, cut red tape and take steps on the demand side of the labour market.
He expressed his hope that the European Union will lift the excessive deficit procedure (EDP) against Hungary this spring, adding that the era of “occasionally blown-up" conflicts between Budapest and Brussels will also end with that.
Hungary must keep its budget deficit below 3% of GDP and there will be no election budget, he stressed.
Regarding the reforms on the labour market Cséfalvay said this particular overhaul was indeed unorthodox. Hungary’s labour market regulations are one of the most flexible in Europe, he added.
Addressing the tasks ahead he mentioned the need to further whiten the economy, take additional tax reform measures, cut red tape and take steps on the demand side of the labour market.
He expressed his hope that the European Union will lift the excessive deficit procedure (EDP) against Hungary this spring, adding that the era of “occasionally blown-up" conflicts between Budapest and Brussels will also end with that.
Hungary must keep its budget deficit below 3% of GDP and there will be no election budget, he stressed.
