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IMF RAISES GDP GROWTH FORECAST FOR HUNGARY

 

The International Monetary Fund (IMF) raised its projection for Hungary’s GDP growth this year to 4.3% in its fresh World Economic Outlook. The projection was raised from 3.9% in the previous forecast released last October. Hungary’s economy contracted by 5% in 2020. The IMF sees Hungary’s GDP growth rising to 5.9% in 2022. The IMF projects average annual inflation will pick up to 3.6% this year before decelerating to 3.5% in 2022. The projection is up from 3.4% forecast in October. It sees the unemployment rate dropping to 3.8% in 2021 and to 3.5% in 2022. The current account deficit is set to widen from 0.2% to 0.4% of GDP this year before narrowing to 0.3% in 2022.