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Koromzay pressed the government to "strengthen the budget in a fundamental way by introducing structural measures to increase the efficiency of government spending."
Both Veres and Koromzay remained confident that Hungary will fulfill the Maastricht convergence criteria by 2008, providing the appropriate measures are taken. The criteria stipulate that Hungary needs to reduce its budget deficit to under 3% of GDP by 2008 in order to adopt the single currency in 2010.
"We think it is extremely important for Hungary to maintain the target of 2010 entry because this provides an anchor for macroeconomic policy ... but the government has to take measures to convince markets that this is possible," Koromzay said.
The report expects a general government deficit at 4.2% of GDP in 2005 and 4.1% for 2006. The figures are adjusted for pension contributions and compare to respective government targets of 3.6% and 2.9%. The OECD is predicting GDP growth in Hungary of 3.5% this year and 4% next year.
