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Economy

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Hungarian Currency Puts in Stellar Performance

D&T
Jun 4, 2021

Hungary’s forint broke multi-month records against the euro in recent days, fueled by rate hike expectations and a promising economic growth outlook. The currency gained ground even as a steadying US dollar cut international risk appetite. As inflation in Hungary and other central European nations is above central banks’ target levels, investors are betting on […]

Hungary’s Central Bank Lays Groundwork for Monetary Tightening

D&T
May 28, 2021

Hungary’s central bank indicated this week it was planning to raise interest rates amid widespread market expectations for policy makers to affirm rate-hike plan. The interest rate hike, needed to stem soaring inflation, would be the first in the European Union since the outbreak of the pandemic. The National Bank of Hungary said this week […]

Out of the Woods?

D&T
May 21, 2021

Although Hungary’s economy contracted in the first quarter of 2021, analysts expect the country to return to growth throughout the year and predict a swift recovery from the malaise caused by the coronavirus epidemic. According to current market expectations, the nation could see GDP growth of around 6% this year. Hungarian economic output declined an […]

Hungary Submits Plan for Using EU Recovery Funds

D&T
May 14, 2021

Hungary’s government submitted plans to Brussels on how the country would utilize more than 2,500 billion forints (EUR 7bn) distributed from the bloc’s recovery and resilience fund (RRF). The money can be spent on strategic development projects over the next six years. Earlier, the Cabinet indicated it would not make use of the EU’s credit […]

Hungary’s 2022 Budget Bill Reflects Election Year Is Coming

D&T
May 7, 2021

The Hungarian government argues that next year’s budget bill, submitted earlier this week, is aimed at relaunching the economy. However, the bill has come under heavy fire from the Fiscal Council, the National Bank of Hungary and opposition parties for being an election-year budget designed to support key voting groups. Hungary’s 2022 budget targets economic […]

Hungarian Companies Stragglers in the Use of Artificial Intelligence

D&T
Apr 30, 2021

Hungarian enterprises are slow to adapt to the use of Artificial Intelligence (AI) for business purposes as only 3% of local companies use AI in some form. This is less than half of the EU average, putting Hungary on the 25th slot on the list of 27 EU member states. Meanwhile Brussels is working on […]

Global Productivity Boost Ahead?

D&T
Apr 23, 2021

The pandemic caused the deepest economic disruption worldwide since World War II, triggering severe disruptions in both supply and demand. The way ahead is extremely uncertain but there are signs that the stars may align for the global economy after the COVID-19 crisis. Despite unprecedented pressure and high levels of uncertainty, the global corporate community […]

Pandemic Forces Hungary to Modify 2021 Deficit Target

D&T
Apr 16, 2021

Hungary’s budget deficit widened at an alarming pace in the first three months of 2021, prompting the Finance Ministry to modify the year-end target. Economists are concerned that the severeness of the pandemic will force the government to repeatedly review its forecasts for the year as the economic impact of the epidemic is set to […]

Hungarian Catering Industry in Distress

D&T
Apr 9, 2021

The catering industry is undeniably one of the hardest hit sectors by the coronavirus pandemic. With dining-in forbidden for months, industry players have been forced to resort to drastic measures to survive. While opposition politicians are challenging the government for not doing enough to help them, experts warn that many market players are unlikely to […]

Out of the Woods?

D&T
Mar 26, 2021

After the pandemic decimated Hungary’s economy last year, the question on everyone’s mind is whether the nation’s GDP will be able to climb out of the hole. While the National Bank of Hungary is confident that 2021 will be a strong year for the economy, the country’s protracted struggle to stem the spread of the […]

Hungarian Drug Agency Approves Russia’s COVID-19 Vaccine

D&T
Jan 29, 2021

Hungary’s drug authority approved Russia’s Covid-19 vaccine, called Sputnik, making the nation the first EU member state to allow the use of the vaccine. The government of Prime Minister Viktor Orbán seeks to speed up the country’s exit from the coronavirus crisis by securing vaccines from Russia and China. Hungary’s drug authority granted emergency approval […]

Hungarian Central Bank Ends Year on Cautious Note

D&T
Dec 18, 2020

The National Bank of Hungary left its monetary policy unchanged at this year’s last meeting of the Monetary Policy Council in a signal that rate-setters are applying caution in light of continued risks to global investor sentiment and a resurgence of the coronavirus pandemic. While a slowdown in inflation and a rally in the forint […]

Hungary and Poland Nearing Deal with EU on Budget and Rule of Law

D&T
Dec 10, 2020

After weeks of a standoff with the European Union over rule of law conditions set by the bloc, Hungary and Poland have agreed to lift their veto over the Union’s stimulus package in exchange for a much more lenient oversight process on the part of the EU. The final deal is still to be approved […]

Hungary’s EU Budget Veto May Prove Risky Gamble

D&T
Dec 4, 2020

The Hungarian and Polish governments’ veto blocking the approval of the EU's long-term budget and coronavirus rescue package may have dire economic consequences, international credit rating agencies warned. If the standoff with Brussels drags on, it could have a negative effect on Hungary’s credit rating. Hungary and Poland followed through on their threat to block […]

Powering up Hungary for a Decade of Growth

D&T
Nov 27, 2020

Amid the social and economic pain brought by the global COVID-19 crisis, remembering past strengths and looking beyond the pandemic might be difficult. As they work to mitigate the impact of the pandemic, Hungary’s public and private leaders must set aside time to envision and implement measures that will build on the country’s solid fundamentals […]

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