There is no question that Hungary will meet the general government deficit target set in its euro convergence programme for this year, Mr Veres said at a press conference held on the occasion of the World Bank's fresh 'Doing Business' report. (The Finance ministry has actually projected for some time the 2008 ESA general government deficit at 3.8pc of GDP, including local governments, below the respective 4.0pc target in the convergence programme.)

    The current problems on global financial markets will, however, likely make access to financing more difficult for some countries, banks and businesses, Mr Veres said.

    Hungary's GDP growth will pick up compared to 2007, but is likely to be below the rate forecast in the convergence plan, the Finance Minister said.

    
    The April review of the convergence plan projected GDP growth of 2.4pc in this year, up from 1.3pc in 2007, when growth slowed considerably as the result of fiscal tightening introduced from the middle of 2006 to cap the country's soaring deficit.