Hungary’s Magyar Plans to Cut
Photo: Robert Hegedus /AP/TT

Hungary’s Magyar Plans to Cut Budget Deficit to 4.9% of GDP by 2027

Hungarian Prime Minister Peter Magyar says he plans to reduce the country's budget deficit to 4.9 percent of GDP by 2027, compared with an estimated 7.5 percent this year.

The figures were presented to parliament by Magyar in the Hungarian capital, Budapest, on Monday.

Magyar took office after his party’s election victory in April, ending a long period in power for Viktor Orbán and his Fidesz party.

Magyar has said that during his four-year term, he wants Hungary to meet the conditions for adopting the euro.

Despite the budget crisis, which calls for major cuts in government spending, Magyar wants to increase public support for Hungarian families, businesses, pensioners, education and healthcare. The investments will be financed, among other things, by a new wealth tax.

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AuthorTT News AgencyEnglish edition by Sweden Herald, adapted for our readers
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