Instructions for action: Hungary’s reforms (Part 4)

In 1987, in Hungary, a two-level banking system with an autonomous central bank and commercial banks that were able to compete was introduced. In 1988, modern taxation was introduced, including income tax and value added tax. In 1995, direct foreign investment amounted to 4.5 billion dollars. However, in 2008, the state budget deficit increased to 8%, and the country became Read more