The IMF projects Hungary’s economy will stagnate this year. Hungary’s government projects economic growth of 0.9% for 2013.
Ivaschenko said Hungary could fall into a vicious circle without growth, affecting its level of state debt as a proportion of GDP too. “The situation is not tragic, but very difficult,” she said. She warned that in spite of the improvement in Hungary’s risk assessment and the increased liquidity on markets, the global environment is still volatile. Small, open countries, such as Hungary, which has big financing requirements from year to year, are vulnerable to sharp shifts in investor sentiment, she said.
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