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"We plan to stick to our original convergence plan, which foresees the meeting of eurozone criteria by 2008 and the introduction of the euro in 2010. It would cause an unnecessary shock to the economy to meet Maastricht criteria one year earlier," Veres said.
The minister also noted that Hungary was unlikely to meet budget deficit criteria by 2007, as the inclusion of the effect of pension fund payments (which reduces the nominal deficit) is only a temporary measure allowed by Eurostat.
Otherwise, Hungary is on track to meet all criteria by the set target date. Veres noted that state debt "has never been" above the maximum allowed 60% level as a percentage of GDP, with the rate expected at 55.5% this year, and set to fall to 53% in 2006, and under 50% by 2008.
Favorable data on Q2 GDP growth, which showed the economy expanding by 4.1%, affirm the positive shift in economic growth that started in Q2 2003, as well as the government's expectations of 3.5-4% growth for 2005, said Veres. "We expect that annual growth will be closer to 4% within this range," he added.
