Cautious Corporate Expectations in the World Economy

70% of Hungarian CEOs expect acceleration of the global economic growth; 60% of them made optimistic statements regarding the Hungarian economy but only 39% are confident about the growth of their companies. That is according to PwC’s 14th Hungarian CEO Survey in which the respondents predict a 1.8% GDP growth, a 415 HUF/EUR exchange rate and 4.8% inflation for 2025.

Globally, 58% of the CEOs expect an acceleration in the growth of the world economy and one-fifth expect a slowdown. Hungarian CEOs are way more optimistic: 70% of them are confident about a global acceleration and only one-tenth expect a slowdown. The proportion of Hungarian CEOs saying that global economic growth will accelerate has never been so high.

As in the previous year, 60% of the CEOs think that the growth of the Hungarian economy will pick up in 2025. At the same time, 39% are very or extremely confident about their own revenue growth, which is the lowest proportion ever.

“The change in confidence about improving economic growth has always signaled the direction GDP will change. The current results suggest that last year’s growth will accelerate. Hungarian CEOs are more confident than ever before that the global and Hungarian economy will grow and are less confident than ever before that their revenues will increase. The growth of some could easily present a problem for many. The question is where trust and lack of trust comes from,” Szabolcs Mezei, Partner at PwC Hungary stressed.

Asked about their expectations, CEOs anticipate an exchange rate of HUF 415 to the euro, 4.8% inflation, and 1.8% GDP growth for 2025.

CEOs expect the Russian-Ukrainian war to end in 2026, with the expected end date being delayed by another year every year. Their prediction regarding the introduction of the euro as the currency in Hungary is also adjusted by a further year: 82% of respondents expect that the euro will be introduced in this country in 2034. Respondents expect a widespread use of autonomous vehicles and a transition to green energy by 2040.

Considering the external factors impacting companies, Hungarian CEOs are generally significantly less concerned compared to 2023 but are still more worried than their global counterparts. The top threat is the skills shortage: 44% of Hungarian CEOs are concerned about this, with the proportion of global CEOs concerned being “only” 23%. Compared to last year, perceived exposure to geopolitical conflicts and macroeconomic volatility has hardly changed (36% and 38% perceive increased exposure); however, the proportion of those concerned about inflation is much lower than last year (51% last year, 39% this year). Meanwhile, the proportion of CEOs having high concerns about cyber risks is steadily increasing (38% this year, compared to 35% last year and 33% two years ago).

60% of Hungarian CEOs think that their organizations will be economically viable for more than ten years if they continue on their current course. Nevertheless, only 12% estimate that they will hold the CEO position for more than ten years.