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Hungary, which is a member of the 27-country European Union, expects its economy to growth by around 0.5 percent this year and Matolcsy downplayed expectations about how much the central bank's new program
-- to be applied for three months starting in June -- would help. These are "limited steps, so the effects may also be limited," Matolcsy said. Before taking over at the central bank, Matolcsy was the economy minister of the government led by Prime Minister Viktor Orban and introduced many unconventional measures, including special taxes on certain industrial and service sectors and the nationalization of private pension funds. Hungary has been able to lower its inflation rate and the state budget deficit to below the European Union threshold of 3 percent, but unemployment remains stubbornly high and total public debt, at around 80 percent of GDP, is the highest in the region.
[Associated
Press;
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