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IMF SEES HUNGARY ECONOMY CONTRACTING 3.1% 2020

 

The International Monetary Fund (IMF) projects Hungary’s economy will contract by 3.1% this year in its latest World Economic Outlook. The IMF sees Hungary’s economy rebounding and expanding by 4.2% in 2021. In its forecast released last autumn, the IMF had put GDP growth at 3.3% for 2020 and at 2.9% for 2021. Inflation is seen declining to 3.3% from last year’s 3.4% and to 3.2% next year. The unemployment rate is set to rise to 5.4% from last year’s rate of 3.4%. It is projected to fall to 4.0% in 2021. The IMF’s latest forecast sees Hungary registering the second smallest economic drop in the European Union this year after Malta, whose economy is seen contracting by 2.8%. Outside the bloc, only Serbia is seen doing better with a contraction of 3.0%.