Hungary plans to cut deficit to 4.9% by 2027 for euro entry

Hungary is aiming to reduce the general budget deficit to 4.9% of GDP by 2027, compared to an expected deficit of 7.5% this year, as part of a financial plan geared towards adopting the euro. The plan includes new taxes on wealth and profits, as well as cuts in spending on pensions and social sectors, while increasing tax revenues by approximately $6.2 billion to finance economic growth and decrease the deficit. The performance of the local currency, the forint, and the rise in bond markets support the government's efforts, with expectations of Hungary joining the Eurozone in 2032 or 2033.

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