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EBRD Puts Hungary GDP Growth at 2.2% in 2024

Analysis

The European Bank for Reconstruction and Development (EBRD) forecasts Hungary's GDP will grow 2.2% this year in its latest Regional Economic Prospects released on Wednesday, according to a report by state news wire MTI.

"The economy is slowly recovering from the real income shock caused by a combination of the spike in inflation, an inventory glut, and recession in Germany," the EBRD said. 

"Real wage growth, boosted by public spending, strong construction and a passing inventory overhang are expected to pave the way for growth of 2.2% in 2024 and 3.5% in 2025," it added.

The projection is under the government's official forecast for 2024 GDP growth of 2.5%.

In the previous Regional Economic Prospects, published in September, the EBRD had forecast Hungary's GDP would grow 2.8% in 2024.

The EBRD acknowledged a marked decline of inflation in Hungary, "supporting a partial recovery of consumer confidence and building the case for further monetary easing".

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