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May 10, 2018

EBRD and IMF bullish on Hungary's growth forecast for 2018

In its Regional Economic Prospects, the EBRD upwardly revised a former prediction on Hungary’s economic growth for this year by 0.4 points to 3.8 percent GDP

Hungary’s economy minister has said analysts from the European Bank for Reconstruction and Development (EBRD) share the government’s view for a bright economic outlook for Hungary after revising its forecast. 

Following the annual meeting of the Bank held in Amman, Jordan, this week, Mihály Varga, minister for National Economy, said Hungary’s economic policy is now receiving global recognition following the IMF earlier upwardly revising economic growth expectations for Hungary.

In a study titled Regional Economic Prospects, the EBRD upwardly revised a former prediction on Hungary’s economic growth for this year by 0.4 points to 3.8 percent GDP.

The EBRD study highlights the fact that, driven by strong internal demand, Hungary’s economic growth accelerated and hit 4 percent of GDP in 2017.

The report also showed that following a downturn in 2016, investment grew by 16.8 percent, the second largest rate of growth within the EU.

Despite the Bank’s expectations being below those of the government, which predict economic growth at 4.3 percent for 2018, it is a positive sign that the EBRD has revised its prediction.