Hungary’s finance ministry submitted an updated convergence programme to the European Commission that envisages a 3% GDP contraction in 2020 in light of the coronavirus crisis. The programme projects the economy to bounce back and grow by 4.8% next year, the ministry said in a statement. Economic growth is seen exceeding 4% between 2022 and 2024. The document puts this year’s budget deficit at 3.8%. The public debt-to-GDP ratio is projected to rise this year, before falling again from 2021, to below 60% by 2024.
Hungary’s economic policy remains committed to the improvement of the country’s competitiveness, continued tax cuts and fiscal discipline, the ministry said.