| Hungarian economy today |
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| Tuesday,July 22,2008 Posted: 20:57 BJT(57 GMT) |
| From:驻匈经商处 Article type:Translated |
The Hungarian economy is a medium-sized, structurally, politically, and institutionally open economy in Central Europe and is part of the EU single market. Like most Eastern European economies, it experienced market liberalisation in the early 1990s as part of a transition away from communism. Today, Hungary is a full member of OECD and the World Trade Organization. OECD was the first international organization to accept Hungary as a full member in 1996, after six years of successful cooperation
In 2006 Prime Minister Ferenc Gyurcsany was reelected on a platform promising economic “reform without austerity.” However, after the elections in April 2006, the Socialist coalition under Prime Minister Ferenc Gyurcsany unveiled a package of austerity measures which were designed to reduce the budget deficit to 3% of GDP by 2008.
Hungary, as a member state of the European Union is liable for the adoption of the common European currency, the Euro. For this reason Hungary must fulfill the Maastricht criteria.
Because the austerity program the economy of Hungary was slow down in 2007, but due to many large investments, the GDP growth will pick up, in the 2.8-4.0 percent range in the second half of 2008. As looking at the foreign investments, Hungary enjoy the shift from low value textile and food industry to the high tech luxury vehicle producing, build up renewable energy system, and invest large amount money in the five-star tourism, large casinos in Bezenye, in North Budapest, and information technology
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