Hungary’s Grey Economy Shrinking, Says Nézőpont
- 3 Dec 2016 7:15 AM
Hungary’s grey economy has been shrinking over the past 13 years to total about 6.5-7 billion forints (EUR 21-22m) last year, Sámuel Ágoston Mráz, chief executive of the Nézőpont Institute, said, citing fresh data. In 2003 the size of the grey economy was estimated at 25% of gross domestic product (GDP) and this fell to 23.3% in 2010 and 21.9% in 2015, he said.
Although showing a declining trend, this result is still above the western European average of about 10%, he said. The think-tank has prepared 35 proposals for whitening the economy grouped under five headings.
The proposals call for reducing cash in circulation, boosting electronic payments, improving the conditions of tax collection, making the tax burden fairer and increasing transparency in connection with taxation, business and state regulations.
Republished with permission of Hungary Matters, MTI’s daily newsletter.
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