Hungary’s Finance Ministry: 2025 budget planning underway
Mihály Varga, the finance minister, said after meeting the head of the Fiscal Council on Tuesday that an amendment to this year’s budget and planning for the 2025 budget are in the pipeline. The latter foresees a lower deficit, declining public debt, and stronger economic growth.
According to a ministry statement, given the effects of external factors on the Hungarian economy and public finances, this year’s deficit target has been raised to 4.5 percent. The target will be steadily reduced to below 3 percent in subsequent years.
The two officials agreed on the vital importance of improving balance indicators, and Varga said the government was committed to reducing the budget deficit and the public debt to ensure sustainable growth. The statement said the budget shortfall will be reduced from 4.5 percent this year to 3.7 percent in 2025 before a further reduction to 2.9 percent in 2026.
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2 Comments
Mihaly Varga – Minister of Finance of the Orban / Fidesz Government of Hungary.
STRONG backed with FACTS – this Minister has grossly under-performed in his “Senior” Ministerial Role.
Those of “broader” minds and experience in Economics & Finance Management, credited as being erudite, continuous in there communicating – the DEEP wrongness of the Economic & Financial policies, the direction HE has sent, arising from and out of the Minister of Finance office – Mihaly Vargas.
Hungary we are strongly in a downward trend in the outlook future and current, the Economic & Finance picture of Hungary.
This FACT – why we are in this gargantuan Economic & Financial “mess” – he can’t escape it, it’s his appointed Ministerial Responsibility to MANAGE the Finances of Hungary, in the best interests for the best outcome for the CITIZENS of Hungary, from “all stations in life.”
Mihaly Varga – NO greater example of his failings are evident exposed to all Hungarians, is post February 2020, in “joint” signage with the current Prime Minister of Hungary -Victor Orban, the wrongful directional changes THEY “sent off ” the Financial & Economic “paths” direction of our Economy.
The nadir of there ERROR’s – the destruction made through these changes, we are yet to EXPERIENCE in Hungary.
Economically – we are in for FURTHER “pain”.
Mihaly Varga – has FAILED us.
Oh boy. Mr. Varga may want to read the document linked below before getting too enthusiastic:
https://economy-finance.ec.europa.eu/system/files/2023-05/HU_SWD_2023_617_en.pdf
Page 18 if TLDR:
“Since 2016, the annual budgets (in Hungary) have been adopted in early summer, several months earlier than is customary among OECD countries. The early preparation of the budgets has reduced the quality and reliability of the macroeconomic and budgetary forecasts, leading to recurring positive growth surprises and unplanned additional revenues. Given various flexibility rules embedded in the annual budget laws, those additional revenues were used for higher discretionary spending above the limits set in the budgetary appropriations/ceilings.”
Sound familiar?