The new projection is level with the governmentʼs modified forecast for GDP growth.
Finance Minister Mihály Varga knocked down the projection to 3.5% from 4% earlier in February, citing external risks, such as difficulties facing Germanyʼs automotive industry, the impact of the coronavirus on tourism and the supply chain, trade tensions between the United States and China and the United States and Europe, and problems posed by global debt.
Kopint-Tárki CEO Éva Palócz also mentioned the impact of the coronavirus, trade tensions, a downturn in the German automotive industry and the unforeseen consequences of Brexit among factors affecting Hungaryʼs growth rate.
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