Lack of confidence, predictability biggest problems, say Hungarian CEOs

A lack of confidence and predictability is the most serious problem for Hungary's economy, the heads of large firms said in a survey conducted by PwC Hungary, released on Wednesday. 60% of the 171 general managers surveyed said that their firms, mostly making export products, could grow this year, though only 5% predicted a growth of the national economy, Tamás Lőcsei, a senior consultant for PwC, said. 84% of the respondents voiced concern about the government's measures and macroeconomic problems, while 80% said the core problem lay in the unpredictable nature of economic growth. 71% also named growing taxation as a grave issue. When asked about the key stakeholders influencing the operation of their company, the CEOs named the government and the regulatory authorities as the most important stakeholders, followed by the clientele in second place and competitors in third, whereas global interviewees ranked clients in the first place, competitors in second and the government and the authorities in third. A total of 79% of those heads of large companies interviewed said they have not experienced difficulties in the availability of credit financing to their companies due to the crisis. Out of the participants 111 were heads of international companies and 30 of German firms.