A Painful Revision

November 2005
Emerging Europe Monitor: Central Europe & Baltic States;Nov2005, Vol. 12 Issue 11, p3
Country Report
Country Report
The article presents an overview of the economic conditions in Hungary. The news on Hungary's fiscal performance continues to get worse. Having expended much political capital defending the integrity of its 4.7% of GDP budget deficit target this year, the finance ministry has finally relented. The official forecast for the fiscal shortfall is now 7.4% of GDP. Meanwhile, the government has also been busy contemplating plans to increase the size of its social spending commitments. Health Minister Jeno Racz has been forced to admit that spending on drug subsidies in 2005 will exceed the budgeted level of HUF284 billion by close to HUF50 billion, with the excess to be financed by a combination of the government and private sector drug companies.


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