• Varga said the government was ready to modify its 2.7pc/GDP budget deficit target.

BUDAPEST: Hungary's government expects the economy to contract 3pc this year, financial web site Portfolio.hu quoted Finance Minister Mihaly Varga as telling Bloomberg on Thursday.

Varga said the government was ready to modify its 2.7pc/GDP budget deficit target if the measures taken so far to contain the fallout from the novel coronavirus pandemic prove insufficient.