Hungary’s Economic Crisis

Published: 2021-08-01 16:30:07
essay essay

Category: Socialism, Macroeconomics, Economic Crisis

Type of paper: Essay

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Last year, “Promising economic indicators” is a headline in the front page of a Hungarian newspaper. The economists, government representatives and many politicians said that Hungary’s economy is growing. Growing half times as it should be. In reality and if economics can only speak, Hungary was in big trouble and in the verge of economic collapse last year. The economic crisis of Hungary led the resignation of Prime Minister Ferenc Gyurcsany. Now, Hungary’s population is looking for the proper replacement for their Prime Minister.
And they hope that whoever would be their Prime Minister will help them regain their economic stability. As economic crisis still exists in the country, many believed that the major factor that would determine the economic stability is its policies regarding their pensioners. Hungary’s total population of pensioners totaled for about 3 million which is about one-third of the whole population. Aside from supporting these pensioners, the government also pays for special benefits to accident victims, military and police veterans.
The problem boils down to the public spending and finances. Pension is a heavy obligation that Hungary’s government is shouldering because of their policy regarding pensioners. Reforming the policy is not an option for the Socialist party of Gyurcsany because they protect the Socialist voting percentage which is mainly composed of retirees. Solutions should be done and we should try anything possible that will be in great help for the recovery of the nation. Possible solution is to cut the pension received by the retirees into much lesser amount.

This would definitely be a great help in the recovery. One another option is to limit the pensions to those in proper age of retirees and not to those who were only taken their opportunity of having their pension because of undersized accidents. In the end, all should be working for the progress and recovery of this nation, not only the officials but also the people that are the ones greatly affected by the economic crisis. Any solutions can be beneficial and should be tried.

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