Cambridge Econometrics expects 2.9% GDP decline with gov’t measures

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More than 100,000 Hungarians could become freshly unemployed, according to a recent analysis by Cambridge Econometrics, says Forbes.hu.

The research institute expects a 3.2% decline in GDP in Hungary due to the shock caused by the coronavirus, which is lower than the global impact and could be reduced to as much as 2.9% by government measures.

According to the institute, this requires, among other things, targeted support for the energy modernization of the domestic building stock, the launch of renewable energy production, and the support and greening of agriculture.

Between 2-2.4% of Hungarians working before the epidemic could lose their jobs, which means 100,000 to 105,000 people, according to the institute’s estimates.

Some 0.5% of those made unemployed for the full year, roughly 20,000 people, may remain without work in the longer term, potentially until 2021–2022.

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