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Country overview
A weak country growth potential related to a worsening business
environment, which is to a large extent driven by the lack of predictability and
distortive effects of government policies. These measures have contributed to a quick
pace of banking sector deleveraging and declining investment demand, resulting in a
historically low investment rate and reduced lending. Finally, Hungary was identified
by the Commission this year as experiencing macroeconomic imbalances.
After fiscal loosening in 2010 and 2011, the government made considerable
consolidation efforts and reached a deficit of 1.9% of GDP in 2012, well below the
target of 2.5%. While the Commission 2013 Spring Forecast projects a renewed
breach of the 3% of GDP by 2014, consolidation steps announced on 13 May for 2013
and 2014 should sustainably correct the excessive deficit.
However, Hungary faces serious challenges in the short- to medium term,
related to the business and legal environment and economic growth potential, which
could also undermine the success of fiscal consolidation.
European Commission's
recommendations for
Hungary
Sustainable public finances
The financial sector
The taxation system
Labour market and poverty
Business environment
Education
Energy and transport sectors
Sustainable public
finances
Hungary has managed to keep its deficit below 3% in
2012. However, the corrective measures were mainly
concentrated on the revenue side, raising questions about the
sustainability of the consolidation efforts. Following the release
of the Commission 2013 spring forecast, the government
adopted an additional set of measures to close the fiscal gap for
2013 and 2014 so that it is projected to remain below the 3% of
GDP in both years. Strengthening the medium term budgetary
framework and widening the remit of the Fiscal Council would
also help to underpin recent reforms to the fiscal framework..
Business environment
Education
Bibliography
http://ec.europa.eu/europe2020/europe-2020-in-your-c
ountry/magyarorszag/country-specific-recommendations
/index_en.htm
http://ec.europa.eu/europe2020/pdf/nd/nrp2013_hungar
y_en.pdf