Hungary’s government aims to meet euro-adoption conditions by 2030, pairing the target with deficit reductions and proposed taxes in a fiscal plan that sets no date for joining the currency.
The Finance Ministry published its 2027–2030 economic and budget program on Oct. 28. The 2030 milestone concerns meeting the required conditions; it does not set a date for euro adoption.
The government projects the deficit will narrow from 7.5% of gross domestic product (GDP) in 2026 to 4.9% in 2027, then fall to 4% in 2028, 3.4% in 2029 and 2.8% in 2030. It forecasts growth of 2.4% in 2027 and 2.6% in 2028, followed by targets of 3% and 3.1% in 2029 and 2030. Gross public debt is projected to decline from 77.5% of GDP in 2026 to 74.9% in 2030. These are government projections and targets, not completed results.
The program assigns 1.465 trillion forints in additional state operating-cost savings to 2027; the government says it saved 700 billion forints in 2026. Its proposed wealth tax would apply at 1% to net wealth above 1 billion forints, with a 1.5% rate on the portion exceeding 100 billion. The government estimates about 15,000 people would be affected and the measure would raise roughly 200 billion forints.
For companies with annual revenue above 180 billion forints, the government proposes raising the current 9% corporate tax rate by “a few percentage points.” It also proposes increasing the innovation contribution from 0.3% to 0.5%. The changes remain proposals.
The program assumes €16.4 billion in EU funding for infrastructure and human-capital projects. Separately, the Council of the European Union said in July that the revised recovery plan could make €10 billion available, split between about €6.5 billion in grants and €3.5 billion in loans.
The Magyar Nemzeti Bank (MNB), Hungary’s central bank, said the country met none of the euro-convergence requirements in 2024 or 2025 and needs lasting reductions in its deficit and public debt. In an Oct. 8 statement, International Monetary Fund staff said a euro goal could help guide policy but would not remove the need for broader reforms; they also called for a credible fiscal package supportive of growth.
Finance Minister András Kármán told Reuters that euro adoption could be possible in 2032 if Hungary brings its deficit below 3% of GDP in 2030. Reuters also reported plans for the government and central bank to form a working group in 2027 to map steps toward Exchange Rate Mechanism II, a stage on the path to euro adoption.