Bloomberg News

Hungary’s Budget Accepts Slow Growth Outlook, Hamecz Says

May 03, 2012

Hungary’s budget plan announced by the government in April improves on last year’s fiscal steps by facing up to the prospect of “slow” growth, said Istvan Hamecz, the head of OTP Bank Nyrt. (OTP)’s fund management.

The government has lost its “Blitzkrieg” for growth and is making revenue measures permanent in preparation for a sustained slow expansion in the economy, Hamecz, a former central bank chief economist, wrote in an article published in Heti Valasz weekly today.

“It is worth welcoming the government’s realism as it seems it finally understands the real problem, even if it can’t yet give satisfying answers,” wrote Hamecz, the head of the asset manager at Hungary’s largest lender.

To contact the reporter on this story: Andras Gergely in Budapest at agergely@bloomberg.net

To contact the editor responsible for this story: Gavin Serkin at gserkin@bloomberg.net


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