Hungary's Finance Minister Hopes Deficit Cuts Pave Way for Euro Adoption Possibly in 2032
BUDAPEST — Hungary's government hopes a front-loaded budget adjustment geared towards spending cuts will pave the way for a sustainable reduction in the deficit and put the country on course to adopt the euro, possibly in 2032, Finance Minister Andras Karman told Reuters on October 21. Prime Minister Péter Magyar's first budget targets a deficit of 4.9 percent of GDP in 2027, well below this year's expected level of about 7.5 percent, and aims to get below 3 percent by 2030. The measures include capping an income-tax exemption for mothers and halting the phase-in of an extra month's pension. Investors have taken the larger-than-expected reduction as a positive first step, though some economists warn that volatility in global bond and energy markets could hamper growth and the deficit effort.
Source: GSM · USA (original Chinese edition)
Photo: 布达佩斯国会大厦与多瑙河 / Hungarian Parliament Building and the Danube, Budapest。图片：© Pierre Blaché / CC0，Wikimedia Commons
