EconomyMain article: Economy of Hungary
Hungary held its first multi-party elections in 1990, following four decades of Communist rule, and has succeeded in transforming its centrally planned economy into a market economy. Both foreign ownership of and foreign investment in Hungarian firms are widespread. Hungary has a requirement to reduce government spending and further reform its economy in order to meet the 2020 target date for accession to the euro zone.
The private sector accounts for over 80% of GDP. Hungary gets nearly one third of all foreign direct investment flowing into Central Europe, with cumulative foreign direct investment totaling more than US$185 billion since 1989. It enjoys strong trade, fiscal, monetary, investment, business, and labor freedoms. The top income tax rate is fairly high, but corporate taxes are low. Inflation is low: it was on the rise in the past few years, but it is now starting to abate. Investment in Hungary is reported to be "easy", although it is subject to government licensing in security-sensitive areas. Foreign capital enjoys virtually the same protections and privileges as domestic capital.
The Hungarian economy is a medium-sized, structurally, politically, and institutionally open economy in Central Europe and is part of the EU single market. Like most Eastern European economies, it experienced market liberalisation in the early 1990s as part of a transition away from communism.
Today, Hungary is a full member of OECD and the World Trade Organization.
OECD was the first international organization to accept Hungary as a full member in 1996, after six years of successful cooperation.
Read more about this topic: Hungary
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Famous quotes containing the word economy:
“The counting-room maxims liberally expounded are laws of the Universe. The merchants economy is a coarse symbol of the souls economy. It is, to spend for power, and not for pleasure.”
—Ralph Waldo Emerson (18031882)
“Quidquid luce fuit tenebris agit: but also the other way around. What we experience in dreams, so long as we experience it frequently, is in the end just as much a part of the total economy of our soul as anything we really experience: because of it we are richer or poorer, are sensitive to one need more or less, and are eventually guided a little by our dream-habits in broad daylight and even in the most cheerful moments occupying our waking spirit.”
—Friedrich Nietzsche (18441900)
“War. Fighting. Men ... every man in the whole realm is in the army.... Every man in uniform ... An economy entirely geared to war ... but there is not much war ... hardly any fighting ... yet every man a soldier from birth till death ... Men ... all men for fighting ... but no war, no wars to fight ... what is it, what does it mean?”
—Doris Lessing (b. 1919)