Cambridge Econometrics expects 2.9% GDP decline with gov’t measures
Photo by Feng Yu / Shutterstock.com
More than 100,000 Hungarians could become freshly unemployed, according to a recent analysis by Cambridge Econometrics, says Forbes.hu.
The research institute expects a 3.2% decline in GDP in Hungary due to the shock caused by the coronavirus, which is lower than the global impact and could be reduced to as much as 2.9% by government measures.
According to the institute, this requires, among other things, targeted support for the energy modernization of the domestic building stock, the launch of renewable energy production, and the support and greening of agriculture.
Between 2-2.4% of Hungarians working before the epidemic could lose their jobs, which means 100,000 to 105,000 people, according to the institute’s estimates.
Some 0.5% of those made unemployed for the full year, roughly 20,000 people, may remain without work in the longer term, potentially until 2021–2022.
SUPPORT THE BUDAPEST BUSINESS JOURNAL
Producing journalism that is worthy of the name is a costly business. For 27 years, the publishers, editors and reporters of the Budapest Business Journal have striven to bring you business news that works, information that you can trust, that is factual, accurate and presented without fear or favor.
Newspaper organizations across the globe have struggled to find a business model that allows them to continue to excel, without compromising their ability to perform. Most recently, some have experimented with the idea of involving their most important stakeholders, their readers.
We would like to offer that same opportunity to our readers. We would like to invite you to help us deliver the quality business journalism you require. Hit our Support the BBJ button and you can choose the how much and how often you send us your contributions.