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IMF cuts Hungary 2022 GDP forecast against backdrop of war

Analysis

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The International Monetary Fund (IMF) lowered its forecast for GDP growth in Hungary this year to 3.7% in its latest World Economic Outlook released on Tuesday, state news wire MTI reports.

The IMF cut the forecast from 5.1% in the previous WEO published in October.

The fresh forecast compares to projections for GDP growth of 2.3% in Czechia, 3.7% in Poland, and 2.6% in Slovakia this year. Growth in the eurozone is expected to reach 2.8%. 

The IMF puts annual average inflation in Hungary at 10.3% this year. It sees the current-account deficit widening to 1.3% of GDP.

According to the organization, the displacement of over 4 million Ukrainians to neighboring countries, including Hungary, would "add to economic pressures in the region".

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