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1994-07-31
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1 Voice of America Report - 8/01/94 (!) (mind)  74 sor     (cikkei)

+ - Voice of America Report - 8/01/94 (!) (mind) VÁLASZ  Feladó: (cikkei)

DATE=        AUGUST 1, 1994
TYPE=        EDITORIAL
NUMBER=      0-05995
TITLE=       RESULTS OF REFORM IN HUNGARY

CONTENT=THIS IS THE ONLY EDITORIAL BEING RELEASED FOR BROADCAST
AUGUST 1, 1994.

ANNCR:
    NEXT, AN EDITORIAL REFLECTING THE VIEWS OF THE U.S.
GOVERNMENT.

VOICE:

    SINCE 1990, HUNGARY HAS MADE DRAMATIC PROGRESS IN BUILDING A
FREE-MARKET ECONOMY.  BY THE END OF LAST YEAR, THE PRIVATE
SECTOR'S SHARE OF GROSS DOMESTIC PRODUCT HAD INCREASED TO OVER
FIFTY PERCENT.  THE NUMBER OF PRIVATE ENTERPRISES HAD RISEN FROM
TEN-THOUSAND TO ALMOST TWO-HUNDRED THOUSAND.  FROM 1992 TO 1993,
TRADING VOLUME ON THE BUDAPEST STOCK EXCHANGE GREW BY A FACTOR OF
FIVE.

    LIKE OTHER FORMERLY COMMUNIST COUNTRIES IN TRANSITION,
HUNGARY HAS SUFFERED A DECLINE IN OVERALL PRODUCTION.  BUT IN
FACT, MANY GOODS PRODUCED UNDER THE FORMER SYSTEM WERE NOT
MARKETABLE.  LAST YEAR, INDUSTRIAL PRODUCTION GREW BY FOUR
PERCENT, AND IS GROWING EVEN MORE STRONGLY THIS YEAR.

    PERHAPS HUNGARY'S GREATEST SUCCESS HAS BEEN IN CREATING A
FAVORABLE CLIMATE FOR INVESTMENT.  FOREIGN INVESTORS CAN
REPATRIATE CAPITAL IN HARD CURRENCY.  RESTRICTIONS HAVE BEEN
LIFTED OR RELAXED ON MORE THAN NINETY PERCENT OF IMPORTS.  PRICES
ARE LARGELY DETERMINED BY THE MARKET.  CONTROLS ON WAGES AND THE
FLOW OF CAPITAL HAVE BEEN LIFTED.  THE FUNDAMENTALS OF A
FINANCIAL SYSTEM HAVE BEEN ESTABLISHED, INCLUDING BROKERAGE
FIRMS, A COMMODITY EXCHANGE AND OVER FORTY BANKS.  POLITICAL
STABILITY HAS ADDED TO THE LURE OF HUNGARY FOR FOREIGN INVESTORS.

    THE RESULTS HAVE BEEN EXTRAORDINARY.  HUNGARY, A COUNTRY OF
ONLY TEN MILLION PEOPLE, HAS MANAGED TO ATTRACT CLOSE TO HALF OF
THE CAPITAL FLOWING INTO THE FORMER COMMUNIST COUNTRIES OF
EASTERN EUROPE.  IN 1993 ALONE, FOREIGN INVESTMENT GREW BY OVER
TWO-BILLION DOLLARS TO A TOTAL OF OVER SIX-BILLION DOLLARS.  A
LARGE NUMBER OF MULTINATIONAL CORPORATIONS HAVE OPENED OFFICES OR
PRODUCTION FACILITIES IN HUNGARY.  WELL OVER TWENTY-THOUSAND
JOINT VENTURES HAVE BEEN ESTABLISHED.

    IN SHORT, HUNGARY'S FREE-MARKET REFORMS ARE BEGINNING TO PAY
OFF.  PROBLEMS REMAIN WITH INFLATION AND UNEMPLOYMENT, BUT THE
SIGNS CLEARLY INDICATE THAT THE WORST IS OVER.  BY ADHERING TO
SOUND PRINCIPLES, HUNGARY WILL SOON BE ABLE TO RESUME ITS PLACE
AS ONE OF EUROPE'S MOST VIBRANT ECONOMIES.

ANNCR:

    THAT WAS AN EDITORIAL REFLECTING THE VIEWS OF THE U.S.
GOVERNMENT.

29-Jul-94 11:49 AM EDT (1549 UTC)
NNNN

Source: Voice of America



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