S&P raises Hungary mid-term economic growth projection to 2.5%

Competition

International ratings agency Standard & Poorʼs raised its projection for Hungaryʼs mid-term GDP growth to 2.5% from 2%, in accordance with the Hungarian government’s projection for this year, however, Hungary’s Economy Minister Mihály Varga foresees that the growth rate could reach 2.8%-2.9%, Hungarian news agency MTI said.

Standard & Poor’s put Hungaryʼs Banking Industry Country Risk Assessment (BICRA) score at 8 ˜ – the same as Croatia’s and Slovenia’s – which is at the weak end of the scale, S&P’s report on the banking sector in Central and Eastern Europe published yesterday reveals. Poland received a rating of 5 and Bulgaria 7, while the banking sectors of Slovakia and Czech Republic were given the highest scores, both 4.

Profitability of Hungaryʼs banking sector is still being squeezed by high credit losses and falling volumes, but the governmentʼs recent promise to gradually reduce the bank levy and the successful conversion of FX mortgages into forints "could improve prospects for banks", the report noted.

ADVERTISEMENT

Nearly 18% of Polish firms plan investments in next 3 months... Analysis

Nearly 18% of Polish firms plan investments in next 3 months...

Lawmakers approve 2022 budget Parliament

Lawmakers approve 2022 budget

Duncan Graham reelected as BCCH president Appointments

Duncan Graham reelected as BCCH president

Chain Bridge to be closed for traffic for 18 months City

Chain Bridge to be closed for traffic for 18 months

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.