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2007 OECD Economic Surveys: Hungary 2007

image of OECD Economic Surveys: Hungary 2007

OECD's economic survey of Hungary 2007 assesses the government’s programme to cut the deficit and reform public spending. It also takes an in-depth look at family policies such as childcare provision and parental leave.

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Assessing the government's strategy for fiscal consolidation

This chapter takes an in-depth look at the Hungarian government’s consolidation programme. The plan is ambitious, the deficit was over 9% of GDP in 2006 and the aim is for a deficit below 3% in 2010. The various new measures to tighten fiscal discipline in budget processes are examined and suggestions for further changes are made. Revenue-raising measures have been necessary for the initial phase of consolidation but in the longer term there is a need to get back on track with reducing tax burdens on businesses and households. The spending freezes are proving difficult to maintain but reasonable progress is being made on the wide range of structural reforms, though further reforms need to be considered.

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