CORONAVIRUS: Here's the latest
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With record-low unemployment, steadily increasing wages and other rock-solid indicators, the Hungarian economy is healthier than it’s been in years. The economic performance of Central Europe has become the driving force for growth in the EU, but that’s not the only reason why Hungarians can now be proud of their achievements over the course of the last seven years.
Back in 2015, the government decided to put the following year’s budget up to vote in the spring session of the Parliament, an important decision to increase predictability and improve planning. This year is no different. Though 2018 will be an election year, the government has held to a tight fiscal policy in the new budget. Continued stability and growth make possible a boost in competitiveness and tax cuts for families.
Prime Minister Orbán’s economic program sets out a number of ambitious goals. It demands fiscal discipline to keep the budget deficit not only under the three-percent Maastricht threshold but low enough to reduce nominal state debt. It calls for GDP growth to increase from the current level between 2 and 3 percent to a more robust output above 3 percent and sets a longer term goal of five percent. And it aims to create jobs to bring the labor market to full employment.