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Hungary Faces Steep Economic Challenge in 2023

Jan 27, 2023

Hungary’s ruling Fidesz party faces probably the toughest year of its 13-year reign at the helm of the country. The economic picture is bleak and the silver lining very slim. The energy crisis engulfing Europe and Hungary, the ongoing stand-off with the EU and consequent freezing of funds, and the impact of the war in […]

Hungarians Face Tough Year, Retail Sales Data Shows

Jan 6, 2023

Skyrocketing inflation in Hungary is starting to take its toll on households spending. While retail sales climbed slightly higher in November due to increasing fuel sales, turnover in food shops showed a significant decline, reflecting the impact of severe inflation and indicating that that more and more households are in serious trouble. Policy makers expect […]

Hungary inks deal with EU to lower fund freeze

Dec 16, 2022

Hungary struck a mega deal with the European Union this week to reduce the amount of funds the bloc proposed to freeze. In return, the Hungarian government lifted its veto on the financial aid package for Ukraine. Monday night brought a temporary resolution to Hungary’s biggest standoff with the European Union. Member states approved Hungary’s […]

Hungary’s Chief Banker Warns of  “Near-Critical”  Economic Situation

Dec 9, 2022

Hungary is teetering on the brink of an economic “crisis” and it is one of the “most economically vulnerable” countries in the world, the central bank governor warned. Adopting an unusually critical tone, György Matolcsy blasted the policy mistakes committed by the government of Prime Minister Viktor Orbán in handling the crisis. The Governor of […]

Hungary Proposes Pension Reform to EU as System Faces Long-Term Challenges

Dec 2, 2022

The Hungarian government has pledged to implement reforms aimed at improving the medium- and long-term budgetary sustainability and adequacy of the pension system. The move comes as part of a series of measures that Budapest is undertaking in exchange for development funds being released by the EU. The European Commission released this week its assessment […]

Hungary’s economy shows signs of impending recession

Nov 18, 2022

Hungarian economic growth continued to slow in the third quarter of the year. Analysts expect further weakness in the coming couple of quarters as negative impacts amplify the drag on growth Economic growth in Hungary slowed from 6.5% in Q2 to 4% in July-September on an annual basis, below forecasts. The nation’s economy contracted 0.4% […]

Hungarian Inflation the Highest in the EU

Nov 4, 2022

It is increasingly apparent that Hungary’s inflation is the steepest in the European Union. Although the official inflation indicators of the Baltic countries are higher than those of Hungary, EU data from the summer show that the core inflation indicator, which contains much less distorting effects, is the worst in Hungary. The inflationary pressure intensified […]

Hungary to Walk Separate Road from EU in Energy Matters

Oct 28, 2022

Energy procurement and security is yet another matter where the Hungarian government and Brussels are taking diverging paths. Budapest has firmly rejected proposals for a mandatory joint EU gas procurement and a solidarity mechanism at the Energy Council in Luxembourg this week and the Cabinet of Prime Minister Viktor Orbán is dead set against a […]

Hungarian Minister Warns of “Extremely Difficult” 2023 in the Economy

Oct 21, 2022

Even though this year is marked by rampant inflation, soaring energy prices and sharply increasing interest rates, the economic situation is set to deteriorate in 2023. According to Economy Minister Mihály Varga, the worst is yet to come for the country’s economy. A recent international survey revealed that a third of European workers see the […]

Forint in free fall may force Hungary to hike rates, join euro waiting room

Oct 14, 2022

The continued plunge in Hungary’s national currency is forcing the country’s decision makers to revisit earlier policy measures as the weakening forint wreaks havoc in the economy. The central bank may be forced to resume its tightening cycle while the government has indicated it could bring forward the nation’s erm-2 accession, the waiting room of […]

Hungary Faces EU funding Cut in Blow to Economy

Sep 22, 2022

Hungary may be the first European Union member state to see its funds frozen by the bloc over corruption concerns and repeated breaches of the rule of law. The government of Prime Minister Viktor Orbán could face the suspension of a third of Hungary’s budgetary funds if the European Commission’s proposal is accepted. The European […]

Is digital economy the way out of the current crisis?

Sep 16, 2022

The digital economy has been a key contributor to the economic development of countries in central and southeastern Europe. As Europe tackles the combined crises triggered by the pandemic and the invasion of Ukraine, digital economy may emerge as the means to mitigate the impacts. The digital economy has historically been a key growth driver […]

EU’s highest interest rate in Hungary set to rise further

Sep 2, 2022

The National Bank of Hungary raised borrowing costs to an 18-year high this week, taking the European Union’s highest interest rate to 11.75%. Policy makers vowed to tighten monetary conditions further, in contrast with other central banks in the region. The Monetary Policy Council of the National Bank of Hungary delivered yet another massive interest […]

What awaits Hungary’s rollercoaster currency?

Aug 26, 2022

Hungary’s currency, the forint, has brokern numerous negative records against the euro and the dollar in recent weeks. The trend in currency markets is similar across Central and Eastern Europe (CEE) due to the war in Ukraine and the related sanctions, the forint has staged the steepest fall in the region. What could put a […]

Hungarian Inflation Soars, Could Peak at Higher Level than Seen Earlier

Aug 12, 2022

Hungarian consumer prices rose the most since 1998 on the back of soaring food costs. Analysts believe that inflation may exceed 20% as energy subsidies fade the war in Ukraine continues unabated. Hungarian inflation accelerated at the fastest pace in almost a quarter century in July, taking a heavy toll on household’s purchasing power and […]

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