budget

In 2024, Romania will break the 50% government debt limit, becoming the EU country with the largest increase in the debt-to-GDP ratio since the start of the pandemic. High budget deficits - levels of 6-9% of GDP - have pushed Romania\'s debt from 35% in 2019 to 52% in 2024, with a forecast of close to 60% in 2026. In just a few years, Romania will likely have a higher debt than Germany.

In 2024, Ukraine demonstrated a strong commitment to its economic obligations, meeting key conditions under the IMF and EU support programs. The country remained on track with its structural benchmarks, ensuring the flow of critical financing for non-defense expenditures. Entering 2025, risks persist, but Ukraine\'s focus on reforms and its urgent financing needs make staying the course essential.

The number thirteen is commonly recognized as an unlucky number. But for Hungarian businesspeople, the preceding number is worse, as the 12th is the deadline for paying taxes.

In 2004 the Institute for Market Economics (IME) presented its first Alternative Budget. Each year since that we have suggested an annual budgetary frame with lower taxes, more effective spending, bold reforms, and lower state interference. At the beginning of 2023, Bulgaria will not have a state budget drafted by a regular government and voted on by a parliamentary majority.

The true budget deficit at the end of 2023 will amount to over 206 billion PLN. The budget debate taking place in Sejm is based on the draft budget, which does not show the full picture of state\'s expenditures and revenues. Pursuant to the Public Finance Act, the management of public funds is open and transparent.

In times of galloping inflation, the Polish government creates another inflation impulse - the \"Coal allowance\", the payment of which is expected to cost as much as PLN 11.5 billion.

The Bulgarian government will spend over BGN 63 billion in 2022. For the first time, Bulgarian citizens can track the spending of their funds on a daily base in an accessible, interactive, and easy to use application.

Inflation is often referred to as a tax, imposed without parliamentary approval, without legislation and without considering the consequences. Today’s inflation is special: printing money seemed to be pretty much the only way to respond to the pandemic and to finance rising public spending.

Right before Christmas the EC presented a directive proposal targeting the profits of large multinational companies. The new rules propose imposing a minimum corporate income tax of 15% on large companies.

Some respected economists identified the issue of consolidation in public budget already in 2022 as a third-order problem. From an analytical point of view, he is, of course, right. A one-year deficit of 10% of GDP is nothing compared to a permanent two to five per cent deficit in the pension system with a declining workforce.