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Hungary Faces Economic Headwinds as Recovery Falters

Feb 16, 2024

Hungary's economic landscape has shown signs of strain, with the last quarter's performance failing to meet analyst expectations and casting a shadow over the 2024 outlook. Despite previous rebounds, the nation's economy hit a snag, marking a concerning pause in its recovery trajectory. The Central Statistics Office (KSH) revealed a stagnant year-on-year output in the […]

Hungary's soaring budget deficit paints gloomy fiscal landscape

Jan 5, 2024

As we usher in the new year, Hungary finds itself at the crossroads of fiscal challenges and economic resilience, with the government acknowledging a significant overshooting of its budget deficit estimate for 2023. The implications of this unexpected development reverberate beyond national borders, impacting investor confidence and raising questions about the credibility of Hungary's fiscal […]

Hungarian economy expected to post weak rebound in 2024

Dec 1, 2023

While third-quarter GDP data surprised on the upside, the underlying weaknesses of the Hungarian economy will mar the 2024 economic rebound, according to a report by BMI, a Fitch Solutions company. A challenging external environment and a tight fiscal position all point in the direction of suboptimal growth next year. In the third quarter of […]

Hungary's budget deficit soars amid strained finances and EU funding suspensions

Nov 10, 2023

After experiencing a surplus in the previous month, Hungary faced a significant monthly budget deficit in October, surpassing the government's initial target and intensifying concerns about the nation's financial stability. The shortfall signals challenges for the cash-strapped Cabinet that is desperately seeking EU funds, that remain suspended by Brussels due to ongoing concerns related to […]

Hungary aims budget deficit of 2.9% of GDP next year

Nov 3, 2023

The Hungarian government has set its sights on reducing the country's budget deficit to below the European Union's threshold of 3% of GDP in the coming year. Finance Minister Mihály Varga made the announcement while presenting the 2024 budget plan to Parliament this week. As part of their strategy, the Cabinet will ease taxes on […]

EU Considers Unlocking Billions for Hungary amid Broader Negotiations

Oct 6, 2023

In a strategic move to secure Hungary's support for increased financial assistance to Ukraine and the initiation of membership talks for Kyiv, the European Union is contemplating the release of frozen funds worth billions of euros, sources within the EU have revealed. The European Commission is currently preparing to unfreeze substantial EU funds allocated to […]

Central Bank Governor's Harsh Critique of Government Policies Deepens Divide

Sep 22, 2023

National Bank of Hungary President György Matolcsy's recent scathing criticism of the government's economic policies has further revealed the growing rift between monetary authorities and the ruling administration. In a candid and sharp-tongued address delivered at a conference this week, Matolcsy accused the government of pursuing a reckless economic strategy that has led to a […]

Hungary Considers National Ban on Ukrainian Grain Imports Post-Sept. 15

Sep 15, 2023

Hungary and its neighbors are mulling to introduce national bans on the import of Ukrainian grain, a move that could have a great impact on European prices. The Central and Easter European countries are in talks as Members of the European Parliament are split over the temporary bans that the European Union has imposed on […]

Government Proposes Acquisition of Majority Stake in Budapest Airport

Sep 8, 2023

In a significant development for Hungary's aviation industry, the Hungarian government has made a formal offer to purchase a controlling 51% stake in the company that operates Budapest's Liszt Ferenc International Airport, according to media reports. This move comes after years of speculation and attempts, and it marks a potential shift in ownership for Budapest […]

Hungary Navigates Monetary Easing Amidst Shifting Economic Tides

Sep 1, 2023

The Hungarian financial landscape witnessed yet another step in the ongoing monetary easing cycle as the nation's central bank announced a significant rate cut in August. With the ebbing pace of inflation creating room for further rate reductions, all eyes are now on the impending merger of the effective and base rates, set to occur […]

Hungary Braces for Possible 2023 Budget Adjustment Amid Economic Slowdown

Aug 25, 2023

As Hungary's economy faces headwinds, the government is preparing for a potential revision of its 2023 budget. The decision, which could have significant implications for the nation's fiscal strategy, will be made following the release of third-quarter economic data. The reassessment comes as the government acknowledges that its initial full-year growth projection has become increasingly […]

Hungary’s Technical Recession Longest on Record

Aug 18, 2023

Hungary unexpectedly plunged deeper into recession, recording the longest period of economic contraction in at least 28 years as the war in Ukraine and the government’s economic policy stifle growth. Despite government statements to the contrary, economists are warning that growth may not pick up in the second half of the year, leading to a […] Payment Debacle Threatens Hungarian Accommodation Providers

Aug 9, 2023

The picturesque landscapes and historic charm of Hungary have long been a draw for travelers seeking unique experiences. However, the idyllic scene has been marred by a financial storm as global accommodations giant faces backlash for failing to make timely payments to its Hungarian hosts and hotel partners. The repercussions are dire, with numerous […]

Embracing the AI Era: Artificial Intelligence Revolutionizes the Workforce

Jul 28, 2023

The emergence of artificial intelligence (AI) has become an unstoppable force, revolutionizing industries and transforming workplaces across the globe. The demand for AI-powered projects and solutions is growing at an unprecedented rate, and it is becoming evident that harnessing the true potential of AI requires more than just skilled software developers. From managers to entry-level […]

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