Jan. 16 (Bloomberg) -- 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.
To contact the reporter on this story: Edith Balazs in Budapest at email@example.com
To contact the editor responsible for this story: James M. Gomez at firstname.lastname@example.org