September 14th, 2009

PM says lower budget deficits to make Hungary less vulnerable

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Hungary must keep its budget deficit down to make the country less vulnerable to movements on global debt markets, Prime Minister Gordon Bajnai said at a meeting of the Economic and Social Council in Parliament on Friday.

Developed economies with big deficits now are expected to soak up liquidity after the crisis has passed, leaving less for developed, smaller economies, he noted.

Revenue of the general government is expected to bottom out only next year, which justifies the government’s programme to cut spending by more than HUF 1,000bn in the two years combined, Mr Bajnai said. Hungary targets a 3.8pc-of-GDP general government deficit in 2010, well under the 7.3pc average for EU member states.

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