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Nov 22, 2018

OECD raises growth forecast for Hungary in both 2018 and 2019

The OECD increased its forecast for Hungarian GDP growth to 4.6 percent from 4.4 percent this year, and to 3.9 percent from 3.6 percent in 2019

The OECD (Organization for European Cooperation and Development) has raised its growth forecast for Hungary in both 2018 and 2019.

In its second annual economic outlook, the organization increased its forecast for Hungarian GDP growth to 4.6 percent from 4.4 percent this year, and to 3.9 percent from 3.6 percent in 2019.

The OECD increase follows an upward correction made by the IMF (International Monetary Fund) last month, which increased its forecasts to four percent this year and 3.3 percent in 2019.

The OECD found that growth was mainly driven by domestic demand, rising real incomes, high consumer confidence and supportive macroeconomic policies. It also noted that unemployment fell to a historical low of 3.6 percent this year.