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IMF SEES HUNGARY ECONOMY CONTRACTING 6.1% THIS YEAR, REBOUNDING EXPANDING 3.9% IN 2021

 

The International Monetary Fund (IMF) projects Hungary’s economy will contract by 6.1% this year, but rebounding and expanding by 3.9% in 2021, in its latest World Economic Outlook. The forecast was lowered from a 3.1% contraction, but raised to a 4.2% expansion in the previous WEO released in mid-April, shortly after the country went into pandemic lockdown. Hungary’s finance ministry earlier projected a 5-6% decline in GDP for this year.
The IMF sees Hungary’s unemployment rate reaching 6.1% this year, but going down to 4.7% in 2021. The IMF expects Hungary’s current-account deficit to widen to 1.6% of GDP this year.