The World Bank has increased its GDP growth estimate for Hungary by 0.3 percentage points.
In its twice-yearly Global Economic Prospects report, the bank revised Hungary’s 2018 forecast to 4.1 percent.
The World Bank has now joined the International Monetary Fund, the EBRD and the OECD to highlight a healthy economic policy in Hungary.
Hungary’s finance minister recently said that the government will not veer away from its pursuit of a strict fiscal policy.
Mihály Varga said the budget before 2010 had destabilized the economy, and efforts since to shrink the public debt and stick to a low budget deficit had led ratings agencies to improve their evaluation of the country’s sovereign debt.
The minister also stated that the European Union stopped its excessive debt procedure against Hungary because of these measures.
Hungary wants to preserve the current growth rate of around 4 percent, new tax cuts are planned and fresh investments would be coming on tap, the minister added.