EBRD optimistic about growth in Hungary

Budapest, December 8 (MTI) – The outlook of the European Bank for Reconstruction and Development (EBRD) for GDP growth in Hungary is more optimistic than the market, the bank’s Hungarian board member said in daily Magyar Idok on Tuesday.

Antal Nikoletti, who is also a deputy state secretary at the economy ministry, told the paper the EBRD sees the government is committed to reducing the bank tax and is also convinced disputes over the manner of compensating the investors of failed brokerage Quaestor will soon be resolved, which means the EBRD and the state of Hungary could soon acquire stakes in the local unit of Austria’s Erste.

The EBRD expects Hungary’s annual GDP growth to reach 2.9 percent in 2015 and 2.1 percent in 2016, according to its latest forecast released in November.

Hungary’s government and the EBRD agreed in February to buy stakes up to 15 percent apiece in the Hungarian unit of Erste. At the same time, the government committed to reducing the bank tax and said it would consult with banks before taking any steps that could burden the sector further.

Source: http://mtva.hu/hu/hungary-matters