July 17th, 2012

State secretary says stability, reforms to allow government to hit 2013 deficit targets

The government will hit its budget deficit target for 2013 thanks to a combination of financial stability, reforms and an expanding workforce, Economy Ministry state secretary Zoltan Csefalvay told a conference on Monday.

Some 300 billion forints (EUR 1bn) of reserves will ensure the target is reached even if growth underperforms, Csefalvay said at the event organised by the Hungarian Economics Association and the Fiscal Council.

The government targets economic growth of 1.6 percent in 2013.

Csefalvay said the government’s 300 billion job-protection plan was a demand-side incentive and included a 101 billion forint reduction in labour-related financial burdens.

  • Democrat

    If they hit the numbers it will be because of IMF oversight. Hungary has probably never hit a financial target on its own since 1990. NB does Mr Cs. not realise that his colleague has already spent one third of this famous reserve?

    “demand-side incentive”….is it not a supply-side incentive? Lowering consumption taxes would be demand-side. This plan is to increase the supply of labour.

  • Cnut

    They’ll soon introduce a retrospective Law on Financial Stability, banning instability in the market and declaring the market stable since 2010.

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