Report: EBRD optimistic about growth in Hungary

History

The outlook of the European Bank for Reconstruction and Development (EBRD) for GDP growth in Hungary is more optimistic than the market, the bankʼs Hungarian board member said in a report published in daily Magyar Idők today.

Antal Nikoletti told the paper that the EBRD sees the Hungarian government is committed to reducing the bank levy and is also convinced disputes over how to compensate investors of failed brokerage Quaestor will soon be resolved, which means the EBRD and the state of Hungary could soon acquire stakes in the local unit of Austriaʼs Erste bank.

The EBRD expects Hungaryʼs annual GDP growth to reach 2.9% in 2015 and 2.1% in 2016, according to its latest forecast released in November.

Hungaryʼs government and the EBRD agreed in February to buy stakes up to 15% apiece in the Hungarian unit of Erste. At the same time, the government committed to reducing the bank levy and said it would consult with banks before taking any steps that could burden the sector further.

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