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A Probe into the Economic Falling of Hungary (Kong Tianping)

A Probe into the Economic Falling of Hungary (Kong Tianping)

Author:Kong Tianping From:Site author Update:2017-08-21 13:43:41

Abstract:Hungary, which used to be a forerunner in its transition to market economy in Central and Eastern Europe, since 2006 it has  been repeatedly beset with crises, plunging its economy on the verge of bankruptcy. As a result of the deteriorating international financial crisis in 2008, Hungary had but to seek foreign aid from IMF and the EU. Apparently unlike other neighboring countries the economy of Hungary has got caught up in the downward trend, which can be accounted for through its incomplete economic transition.  The incremental reform  helped to maintain a few of legacies of Kadar's era –the legacy of the shadow economy, the legacy of welfare state and the legacy of overconsumption through excessive borrowing. Besides, the relentless propagation of populism by the Hungarian politicians, their unbridled increase in public spending has combined to push the country to the brink of bankruptcy. Due to the path-dependence of its economic transition it is impossible to eradicate all the legacies of reform left behind by the Kadar Government in a short period of time.

IES Innovation Project Briefing,No. 11, 2012.

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