Hungary Travel Guide
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Trip Holidays Hungary offers travel tips and information for top travel places and best destinations. We feature links, resources and large selection of budget airlines, chartered planes, sea cruises, ferries, travel agencies, land transports and attractions including beaches, medical tourism, retirement homes, historical and pilgrimage tours.
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. The governing coalition, comprising the Hungarian Socialist Party and the liberal Alliance of Free Democrats, prevailed in the April 2006 general election. Hungary needs to reduce government spending and further reform its economy in order to meet the 2012–2013 target date for accession to the euro zone.
Hungary has continued to demonstrate economic growth as one of the newest member countries of the European Union (since 2004). 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 regulate. Investment in Hungary is 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 rule of law is strong, a professional judiciary protects property rights, and the level of corruption is low.
Total government spending is high. Many state-owned enterprises have not been privatized. Business licensing is a problem, as regulations are not applied consistently. According to the conservative think tank Heritage Foundation, Hungary's economy was 67.2 percent "free" in 2008, which makes it the world's 43rd-freest economy. Its overall score is 1 percent lower than last year, partially reflecting new methodological detail. Hungary is ranked 25th out of 41 countries in the European region, and its overall score is slightly lower than the regional average. Economic reform measures such as health care reform, tax reform, and local government financing are being addressed by the present government.
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