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European Commission improves its predictions for Hungary’s economic growth

The Commission’s growth forecast is higher than predicted in its autumn report, therefore acknowledging that Hungary’s growth rate is to exceed that of the EU

The European Commission has improved its predictions for Hungary’s economic growth, it has been announced.

In its Spring 2018 Economic Forecast, the EC predicts 4 percent growth this year and 3.2 in 2019. The Hungarian government’s prediction is slightly higher for both years.

The Commission’s growth forecast is higher than predicted in its autumn report, therefore acknowledging that Hungary’s growth rate is to exceed that of the EU.

Hungary’s economic growth is set to improve in the coming years, thanks in part to the six-year wage agreement and other measures put in place to improve the economy.

According to Kormany.hu, economic expansion is expected to remain not only dynamic but balanced and sustainable as well. Both the government and the Commission believe the growth will not cause debt levels to rise above 3 percent.

The number of people in employment has hit a new high since the regime change in 1990, and this indicator has been above 4 million for more than four years. The employment rate has reached a level above the EU average and the unemployment rate has remained firmly below the 4 percent mark.

Hungary has grown stronger in recent years and the economy is booming, proving the ‘Hungarian model’ is a success.