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IMF raises GDP growth forecast for Hungary

The International Monetary Fund (IMF) has raised its projection for Hungaryʼs GDP growth this year to 3.6% in its fresh World Economic Outlook published on Tuesday, local media sources reported.

The projection was raised from 3.3% in a forecast released last October, but is still under the governmentʼs latest forecast for 3.9% growth, noted state news agency MTI. The IMF sees Hungaryʼs GDP growth slowing to 2.7% in 2020.

The IMF projects average annual inflation will pick up to 3.2% in 2019, before edging back to 3.1% in 2020. It sees the unemployment rate dropping to 3.5% in 2019, and to 3.4% in 2020. 

The current account surplus is set to reach 0.5% of GDP in 2019, level with last year, before widening to 0.6% in 2020, according to the IMF report.

At the global level, the World Economic Outlook projects a slowdown in growth in 2019 for some 70% of the world economy. Global growth softened to 3.6% in 2018, and is projected to decline further to 3.3% in 2019. At the same time, after the weak start, growth is projected to pick up in the second half of the year, the IMF adds.