World Bankʼs 2019 GDP forecast well below govʼt prediction

MNB

world bank

The World Bank forecasts Hungaryʼs GDP growth for 2019 to reach 3.2%, almost a whole percentage point under the Hungarian governmentʼs own prediction, in its fresh Global Economic Prospects report, published biannually, national news agency MTI reported Wednesday.

The World Bank HQ in Washington, D.C.

The projection for 2019 is unchanged from that featured in the previous report released in June. The Hungarian government projects GDP growth of 4.1% for 2019.

According to the full report, available here, the World Bank has lowered its forecast for GDP growth in 2020 from 3% to 2.8%, while putting the 2021 growth rate at 2.4%.

For 2018, the World Bank has raised its estimate for Hungaryʼs GDP growth to 4.6%, up from its earlier 4.1% forecast.

Hungaryʼs GDP was up 4.8% year-on-year in Q1-Q3 2018, according to the latest data from the Central Statistical Office (KSH).

Regarding the current economic situation in Europe, the report says: "Slowing Euro Area growth has diminished the positive trade and financial spillovers that had previously supported activity in several countries in Europe and Central Asia (e.g. Bulgaria, Croatia, Montenegro). However, in some economies, moderate inflation and low interest rates have supported a pickup in growth (e.g. Hungary, Poland, Serbia)."

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