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Business Budapest Journal - Article Last updated: 8th Jan 2004, 7:53 Banking & Finance IT & Telecom Advertising & Media Industry Politics Other News This week's BBJ Enter keyword(s): Advanced Search DEALS OF THE YEAR Cover Feature Who s News Week In Review Editorial Interview Salesman s Corner Eating Out Best Bets Letters to the Editor Tech Talk Year in Review This week's columns Conference Calendar Internet Marketplace BBJ Events Newsletters Archives Advanced Search Export-Import Center FREE Registration BBJ Subscribe AM Subscribe BBJ Store Affiliates Do Business With Us LOG IN FAQ About Us Feedback Advertise Staff List BBJ HomePoliticsAnswers and question 9th Jan 2004, 2:55 Politics 5th Jan 2004 Answers and question In January 2003, our new year editorial listed over a dozen questions relating to the last full calendar year before Hungary s EU accession. We wondered about the effects of liberalizations, tax changes and a new privatization wave. We touched on monetary and fiscal policy, the strengthening of the forint, and opportunities for exports and production. Some of these questions have remained unanswered. For the rest, here s the list: The flat tax the Socialist-led government introduced for small businesses performed better than expected. The government responded by making the scheme available to a wider range of businesses for 2004, raising the annual revenue limit from Ft 15 million to Ft 25 million. But that is a modest reaction it should have had a more comprehensive follow-up plan. The strengthening of the forint didn t stop, but went further, prompting the National Bank of Hungary and the Finance Ministry to take hasty steps. That fueled further uncertainty. Exports did not pick up in 2003. Hungary is still waiting for that key development. Some local businesses started preparing for the effects of EU accession. Most of them were advisory and finance firms, rather than companies the most in need of change. Privatization kicked off at great speed. Some of the deals produced record or better than expected results. But an offering of shares in oil and gas firm MOL Rt was canceled, the selloff of Mahart Rt was not completed, and ruling coalition MPs vetoed the Finance Ministry s aim to offer parts of gaming firm Szerencsej t k Rt. The government started 2003 with an ambitious goal to bring the budget deficit down to 4.6%, from 9.6% in 2002. But this target was adjusted almost every month, ending up at 5.2%. The past few months showed signs of economic recovery in the U.S., but not the EU. That suggests Hungary must wait a while for demand to grow for its products. Electricity free-up kicked off slowly, creating savings for a few large industrial consumers. Most of the year was spent fine-tuning the country s Telecom Law. A new version of this will take effect in January 2004, with real effects only coming later that year. Foreign direct investment was still in the doldrums in 2003, though the number of high-profile plant closings was down from the year before. Motorway construction didn t receive the promised boost. Besides these answers, 2003 produced some surprises in the form of twin deficits, a brokerage scandal, a stumble of the forint, and rocketing consumption and lending. For 2004, the government must answer one ultimate question: Can it come up with a plan a business plan, as suggested by a reader on the facing opinion page that can take the country out of its vicious circle? Discuss this subject with other users Send this article to a friend Hungary AM Budapest Business Journal Weekly Headlines Regional Roundup I think that in Hungary we do not have an economic crisis, but we do have a crisis of economic and monetary policy Gordon Bajnai, CEO, Wallis Rt Read more... Advertising Agencies BBJ Events BBJ | PBJ | CEEBIZ | BOL | CEEProperty 2003 New World Publishing Kft and New World Publishing, Inc. All rights reserved. Republication or re-dissemination of the contents of this screen are expressly prohibited without the prior written consent of New World Publishing.

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