Hungary
On the Road to the European Union
Description:... Hungary's economic performance improved dramatically in the second half of the 1990s as a result of strong stabilization measures and deep structural reforms. During this period, Hungary was able to move from economic stagnation to strong growth, while also dramatically improving its external accounts. This report is composed of two parts. Part 1 is summary report with the main findings and conclusions. Part 2 is the main report that provides an analysis and assessment of the macroeconomic framework, the medium-term fiscal stance, and selected sectors and markets of the Hungarian economy. Hungary is regarded as a top performer among transitional countries, and one of the strongest candidates for accession to the European Union (EU). The country needs to refine the regulatory and institutional framework in structural areas, so as to achieve full compliance with EU directives and ensure a smooth and successful entry into the single EU market. The report concludes that the challenge facing Hungary today is consolidate stabilization gains and finalize the structural reforms to ensure that the economy remains competitive and that income is placed on a rapid and sustainable convergence path with the EU average.
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