Hungary's Ambitious Plan to Slash Budget Deficit by 2027

Hungary aims to significantly reduce its budget deficit by 2027, which is forecasted at 7.5% of GDP for 2023. The deficit has been largely influenced by former right-wing leader Viktor Orban's pre-election spending. Finance Minister Andras Karman emphasized the government's commitment to reducing this deficit.

Hungary is setting its sights on a major cut to its budget deficit by the year 2027, according to the finance minister's statement on Tuesday.

The current deficit level is expected to hit 7.5% of GDP for this year, largely influenced by spending under the leadership of former right-wing leader Viktor Orban.

Finance Minister Andras Karman addressed parliament, underscoring that the government is committed to reducing the deficit and will make substantial efforts to correct this by 2027.