The economic crisis in Hungary will not be over until the employment rate start improving, Prime Minister Gordon Bajnai said on Friday.
“The time has not yet come to halt economic stimulation; this is the Hungarian government’s message to European Union representatives leaving for the G20 summit” Bajnai told an economic conference in Zalakaros in west Hungary.
As a consequence of the current global crisis, the deficits accumulated by the world’s leading economic powers need to be financed and this is taking away money on other areas such as investment in businesses, he added.
The task of Hungary’s current government and future government for some time will be to focus on balance and growth, Bajnai said.
The most important issue today in Hungary is to resolve the employment situation and create “significant, sustainable and market-based” growth, Bajnai said. The current employment level of around 56 percent must be increased at least to the average EU level of 65 percent, he added.
This year and next year, spending must be reduced by 5 percent of gross domestic product in order to sustain the balance, Bajnai added.