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Banking association projects 1.5% growth in 2011-2012

The Hungarian Banking Association expects Hungary's economy to grow 1.5% in both 2011 and 2012, a projection distributed at a conference on Friday shows.

Instead of exports, increased investments and a restocking of inventories will be the engine of growth, according to the association. Household consumption could edge up.

The association expects propensity to make investments to remain low, and says the effects of conservative lending policy will be felt for a long time.

The association sees the unemployment rate remaining over 10% in 2012.