Less than half of Hungarian CEOs see companies growing in 2012

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About 47% of Hungarian CEOs think their companies will grow in 2012, well under the 84% global average, a joint survey by consultancy PricewaterhouseCoopers (PwC) and Hungarian business association MGYOSZ shows.

The CEOs of about 70 big Hungarian companies said they had drawn up survival strategies that focused on cost cuts, said MGYOSZ chairman Péter Futó.

Companies' growth outlooks are hurt by the uncertain Hungarian economic environment, the unstable exchange rate of the forint and the general government deficit, which could prompt the government to raise taxes further, PwC partner Tamás Lőcsei said.

Asked about their outlook for the coming three years, about 78% of the CEOs said they expected growth.

The survey showed 34% of companies plan further layoffs in the coming twelve months and 22% plan to make new hires.

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