World Bank report on 2007-2008 projections
GDP growth in Hungary is expected to come in at 3.8% this year by the World Bank’s latest annual economic growth report, which anticipates a slowdown to 2.5% in 2007 and a somewhat higher 3.4% in 2008.
As regards the next two years, the forecast is more optimistic that the estimates of the Finance Ministry or the National Bank of Hungary (MNB), but very much in agreement with local macroeconomic analysts who predicted a decline in GDP due to a slowdown in new investment and consumer spending.
Overall, GDP in Europe is projected to slow to about 2.1% in 2007 and 2008, and there is nothing in the forecast to dispel concerns voiced by a recent European Commission report, which warned that Hungary’s national economy may lag behind high-growth regional competitors such as Slovakia or the Czech Republic but also some EU-15 countries.
In the World Bank’s estimation, Hungary’s current account deficit should gradually decrease from approximately 8% in 2006 to 6.7% next year and to 6% in 2008. However, this year’s spectacular foreign trade boom will probably slow down in the next 12 months. (Világgazdaság)
ADVERTISEMENT
Hungary Poultry Stock Falls 9% in a Year
Parliament Negates Mandatory Membership in MOK
Civita Group Inaugurates HUF 2.5 bln Pasta Plant
Service Restarted on Full Length of Metro Line M3
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.
