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MNI INTERVIEW: Hungary Needs More Growth For Fiscal Target

(MNI) LONDON
Only higher growth looks likely to keep the government's fiscal targets on track, the State Audit chief says.

Hungary’s 2024 budget deficit will exceed its new target unless growth rates improve and the government follows through with plans to trim public spending, the president of the State Audit Office of Hungary told MNI in an interview.

“If economic growth accelerates in the coming months, the deficit target of 4.5% [of GDP] looks feasible,” Laszlo Windisch said. “If, on the other hand, the economy does not gain momentum, there is little point in continuing to curb it through budgetary constraints. Of course, there may be situations in which the government is forced to take such steps.”

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Hungary’s 2024 budget deficit will exceed its new target unless growth rates improve and the government follows through with plans to trim public spending, the president of the State Audit Office of Hungary told MNI in an interview.

“If economic growth accelerates in the coming months, the deficit target of 4.5% [of GDP] looks feasible,” Laszlo Windisch said. “If, on the other hand, the economy does not gain momentum, there is little point in continuing to curb it through budgetary constraints. Of course, there may be situations in which the government is forced to take such steps.”

Keep reading...Show less