The Hungarian government will take all necessary steps to address any potential budget slippage and meet its spending goal because a recession is possible, a government official said today.
“Whenever it becomes necessary, the government will implement the necessary adjustments to keep the budget deficit below 3 percent of gross domestic product,” Economy Ministry State Secretary Zoltan Csefalvay told public television M1.
Hungary’s economy faces a “serious possibility” of a recession this year, Csefalvay said, adding that the European Union is unlikely to freeze development funds to Hungary as part of an ongoing excessive deficit procedure.
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