Hungary could be the black sheep of the region
According to an analysis by the Vienna Institute for International Economic Research (WIIW), in the Central and Eastern European region, only the Hungarian economy is expected to shrink in 2023. According to the institute, the fiscal situation could serve as a significant issue. Besides that, the fate of EU funds is uncertain, which could further weaken the forint.
Ominous analysis
In 2023, the Hungarian GDP could fall by half a percent compared to last year. WIIW’s forecast suggests that the Hungarian government’s efforts to avoid a downturn in economic performance are futile but inevitable.
The Vienna-based economic research institute expects growth in all the countries surveyed, even for Russian GDP. In the immediate region, the Czech, Polish, Slovakian and Romanian economies could also expand this year.
Even more ominously, the analysis shows that Hungary’s economy will perform the worst in Central and Eastern Europe in the coming years.
Inflation, lack of EU funding, weakening forint
According to portfolio.hu, inflation will remain high this year. On average, Hungarians can expect an annual inflation rate of 18.5 percent. In 2024, it could drop to 8 percent, then to 5 percent. Similarly like in other countries, rising energy prices could explain the rate of inflation, but Hungary’s ailing agriculture could also be a reason. Food information in particular could hurt the population.
Another problem is the uncertainty of EU funding, which also affects the budget. The Hungarian government’s frequent anti-EU propaganda is stronger than ever in the media, analysts say. They also note that the government is not fully committed to addressing the contested rule of law issues. And what has been done so far is not sufficient for the European Commission.
According to the analysis, Brussels isn’t pleased with the lack of effort and that could lead to the suspension of EU funds. If tensions are not eased, this could mean further losses, which will be reflected in the forint exchange rate. Not long ago, the situation has already escalated to a level where one euro was valued at HUF 430, but the average euro exchange rate could rise again to 430 by 2025.
please make a donation here
Hot news
What happened today in Hungary? – 10 June, 2023
VIDEO: Container carrier smashes cars at road leading to Budapest Airport
VIDEO: Kenya Airways in Hungary!
UFO reports in Hungary are no longer a secret!
Russian PoW transfer to Hungary: Kyiv outraged, Hungary deputy PM talks about ‘people’
Government’s new bill implies HUF 425/EUR by October
6 Comments
The WEIGHT on ALL the PRINCIPAL Financial & Economic componentry of Hungary – continues PUSHING into a deepening downward TREND.
WHAT is going to STOP this PULVERIZATION factually occurring on the Hungarian Economy???
The “Forge Hammer” who has sent us to this UGLY place as a country and our Economy in a position of a cataclysmic disaster – Prime Minister – Victor Orban and his Government, they are paralysed to stop or slow down this PULVERIZATION force, that is collapsing our Economy.
Hungarians – we have and WILL continue to pay for the WRONGS of Victor Orban and his Government.
Everything’s going to be okay. Most people would rather be proud masters of their own land than slaves to the globalist-socialist cabal that presumes to turn Hungary into yet another post-national, post-democratic nondescript McStatelet without a history and without an identity.
Of course don’t worry, we Hungary can stand alone.
We don’t need Democratic country’s of FRIENSHIP nor the European Union.
Sky’s the limit in Hungary, up-wards and on-wards.
Quality of Life in Hungary BOOM times are coming.
Personal Wealth – banks won’t be able to cope in the next decade.
State of the Art everywhere you look will be Hungary, hospitals, schools, public services – beyond the 21st century civilization.
The millions of Hungarians in 2021 living in peasantry – go over-night.
Who would want to live anywhere else but Hungary.
Country of un-paralleled OPPORTUNITIES.
God’s own country.
Is this right Steiner Michael?
Nothing is a PROBLEM in Hungary – just trust in your “Hero” – Victor Orban.
He is on the ball taking us to the promised land, possible Siberia.
The land of ‘Milk & Honey.” – the Steiner picture of future Hungary – LAUGHABLE.
The west never stops forecasting doom and gloom. It is the wish of the EU that Hungary should fail, then they can send in the globalists and control the country for the foreseeable future. It will not work. The Hungarian people are hardworking, loyal, nationalists and will not cede to sovereignty to foreign power. It is better to be poor than a slave to the EU.
It’s all because of the Globalists, Leftist Elites, Soros Lapdogs, Brussels Bureaucrats!
Seriously – our Politicians came to power in 2010 and have pretty much ruled by decree since COVID, precluding the need for Parliament, so they could act “quickly and decisively”.
So – with all these powers, and benchmarking Hungary’s performance against pretty much any European jurisdiction – isn’t it time for our Politicians to just take ownership? Mansplaining how we’re so incredibly special, different, etc. is unhelpful – it in fact highlights how dependent and vulnerable we actually are.
pathetic government, people lied to about the source of the scourge – it’s not just the war, otherwise surrounding countries would be suffering in equal measure but instead they are better shielded because of better economic policy, more welcoming to foreigners, business, tourism and many other aspects which make an economy vibrant and resilient. Go on, continue pretending it’s italy or germany here, that you can grow and make everything yourself without ‘globalists’, see what happens. Sad for me to go to italy now , see everybody in leisure, better wages, – and yet everything is cheaper than here. At the very least Hungary at least was a bit cheaper than most places… until now. what a cool show.
in particular govt price controls which were set in place to ensure orban’s reelection backfired – a tactic which also helped to bring down the soviet union . ironic huh