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Economy

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Hungary’s Technical Recession Longest on Record

D&T
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 […]

Booking.com Payment Debacle Threatens Hungarian Accommodation Providers

D&T
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 Booking.com 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

D&T
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 […]

Hungarian inflation shaves off billions of household savings

D&T
Jul 21, 2023

The majority of household savings are in cash, due to high inflation we are experiencing a very serious loss of wealth, Hungarian households are losing several thousand billion forints due to inflation. As the annual inflation rate hovered just above 20% in June, the toll of skyrocketing consumer prices is adding up for Hungarians. Hungary […]

Forint Extends Slide, Hit by Hungary’s Budget Woes and Rate Cuts

D&T
Jul 7, 2023

The forint hit a losing streak this week, weakening to a two-month low against the euro, as investors got jittery over Hungary’s deteriorating finances and the central bank’s loosening monetary policy. Further interest rate cuts may add fuel to the fire, analysts warned. The Hungarian currency’s losses accelerated against the euro this week as markets […]

Hungarian Central Bank Governor: Hungary Ready to Adopt the Euro in 2030

D&T
Jun 8, 2023

Hungary will eventually have to adopt the single European currency, but moving too soon would cost the nation’s economy, the governor of the National Bank of Hungary said. György Matolcsy stressed that the country will be ready for euro adoption by 2030. The National Bank of Hungary has a clear and firm position: Hungary must […]

Hungary’s Central Bank Kicks off Monetary Easing Cycle

D&T
May 26, 2023

The Hungarian central bank kicked off a cautious monetary easing cycle while stressing its commitment to combatting inflation, which is the highest in Europe. Analyst expect policy makers to proceed gradually and halt rate cuts if the economic and financial backdrop deteriorates. The National Bank of Hungary cut interest rates this week, becoming the first […]

EU Lawmakers Question Hungary’s Readiness for Frozen EU Funds

D&T
May 19, 2023

A delegation of the European Parliament’s Budgetary Control committee concluded a fact-finding visit in Budapest this week. The members of the European Parliament (MEPs looked into ongoing issues with the protection of the EU budget and met with Hungarian public officials, NGOs and journalists. The group of European Union (EU) lawmakers visiting Budapest expressed concerns […]

Hungary Passes Judicial Reform to Unlock Frozen EU Funds

D&T
May 5, 2023

Hungarian lawmakers adopted changes to the country’s judiciary in the hope of gaining access to billions of euros in EU funds. While Brussels welcomed the reform steps, it indicated Hungary needed further reforms to unlock EU cash. Hungarian lawmakers passed measured related to the reform of the judiciary this week in the hopes of unlocking […]

Hungary Sticks to Utility Subsidy System at a High Cost

D&T
Apr 7, 2023

The minister in charge of the Prime Minister's Office announced this week that the government will maintain its policy of keeping utility prices subsidized at least until the end of December. At the same time, analyst warn that the subsidy system is putting a heavy strain on public finances. Gergely Gulyás, the minister in charge […]

Hungary Monetary Easing Still a Long Way Off

D&T
Feb 24, 2023

Hungary’s interest rates are the highest in the European Union. Even though market sentiment is improving, as evidenced by the rapid appreciation of the Hungarian currency, the central bank is expected to keep rates unchanged for a long time to ensure that fundamentals are solid enough for monetary easing to commence. The National Bank of […]

Hungary’s economy entered technical recession in late 2022

D&T
Feb 17, 2023

Hungary’s economic performance stumbled at the end of last year, confirming analyst views that the economy was in a technical recession from the second half of last year. The government expects the economy to expand in 2023. Hungary’s statistical office reported a contraction for a second consecutive quarter this week. Gross domestic product (GDP) fell […]

Hungary Would Benefit Greatly from an Advanced Start-Up Ecosystem

D&T
Feb 10, 2023

Hungary has the economic and cultural attributes necessary to support the development of a healthy start-up ecosystem. With more cooperation among stakeholders the country could create a start-up culture that could generate some 30,000 high-value-adding jobs and up to billions of forint in additional local spending, according to a recently published study. Hungary is battling […]

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