More and more Hungarian companies will be doing business in Asia, Finance Minister Mihály Varga said on Friday in Bali on the sidelines of an IMF and World Bank annual meeting. After talks with Danny Alexander, head of the Asian Infrastructure Investment Bank, Varga said Hungary will receive direct access to new projects through the bank, enabling Hungarian companies to appear on Asian markets. The bank, which Hungary joined last year, provides cheap financing for projects in Asia worth a combined 1,000 billion dollars, the minister noted. Hungarian firms with a background in water management are most likely to assume ... Read more
Hungarian pensioners will get premium, a 22-kilometer-long railway to the airport is planned, three logistic base were opened...
The #IMF raised its forecast for GDP growth in 2018 to 3.4 percent from 3.0 percent.
The most interesting business and financial news from the previous week, read more HERE
The International Monetary Fund (#IMF) increased its projection for economic growth in #Hungary for this year and...
Budapest (MTI) – See below MTI’s main business and financial news from the previous week: EUROPEAN COMMISSION CLEARS STATE AID FOR PAKS UPGRADE The European Commission said it approved Hungary’s financial support for the construction of two nuclear reactors in Paks on the basis of commitments made by Hungary to limit distortions of competition. CBANK TO ROLL OUT “CONSUMER-FRIENDLY HOME LOAN” CERTIFICATION The National Bank of Hungary announced the introduction of a “consumer-friendly home loan” certification to counter high interest margins and the low rate of borrower refinancing. Only banks whose lending products meet strict conditions laid down by the ... Read more
The International Monetary Fund (#IMF) said Hungary's medium-term outlook "remains favourable but is subject to risks"
Delegation from the International Monetary Fund (#IMF) in Budapest
Budapest (MTI) – The International Monetary Fund lowered its projection for economic growth in Hungary this year to 2.0 percent in its fresh World Economic Outlook published on Tuesday from 2.3 percent in the previous outlook released in April. The projection is under the government’s official forecast for 2.5 percent growth. Hungary’s GDP grew by 1.9 percent in the first half, the latest data from the Central Statistical Office show. The IMF projects Hungary’s GDP growth rate will pick up to 2.5 percent in 2017, unchanged from the previous forecast. The government targets 3.1 percent economic growth next year. “Hungary ... Read more
Budapest, April 29 (MTI) – Staff of the International Monetary Fund (IMF) called for structural policies to improve the investment climate, enhance competitiveness and address weaknesses in the labour market in a report following scheduled consultations released on Friday. “Increased market confidence and enhanced competitiveness would lift private investment, including from abroad. Labor market reforms would increase participation, particularly that of women and the low-skilled, also supporting higher growth,” the IMF staff said in the report, compiled after an Article IV Consultation in Budapest from February 3 to 15. “Under this strategy, growth could accelerate to more than 3 percent ... Read more
Paris, April 7 (MTI) – The repayment of an IMF-EU loan by Hungary is an “unprecedented achievement” in the current global economic environment which “would not have been possible without friends, such as the Organisation for Economic Co-operation and Development (OECD),” Prime Minister Viktor Orbán said in Paris on Thursday. Related article: HUNGARY PAYS BACK LAST INSTALMENT OF 2008 IMF-EU LOAN Orbán held talks with OECD Secretary-General Angel Gurria and addressed the organisation’s council session. After the meeting, the prime minister told the press that repayment of the loan had required joint efforts by the Hungarian people, economic policy-makers, employees ... Read more
Budapest, April 6 (MTI) – Hungary last week paid back the final 1.5 billion euro instalment of a loan it took up from the European Commission in 2008, Economy Minister Mihály Varga announced on Wednesday. Hungary already repaid the IMF loan of over 7 billion euros it took up together with the EC loan in 2013. The minister expressed hope that paying back the loan would improve Hungary’s standing with credit rating agencies. He said it would benefit the country if IMF chief Christine Lagarde congratulated Hungary on completing its financial assistance programme as she had done with Cyprus. Market ... Read more
Budapest (MTI) – The Hungarian economy is performing very well and its vulnerability to shocks has declined substantially, although debt levels and financing needs remain high, IMF staff said in a report based on preliminary findings gathered as part of IMF’s regular consultation with Hungarian authorities. According to the IMF, solid growth and a sharp reduction in unemployment are largely due to supportive macroeconomic policies, a favourable external environment, and high utilisation of EU funds. Output growth is projected to moderate slightly this year owing to the expected deceleration in the uptake of EU funds. Headline inflation is expected to ... Read more
Budapest, February 16 (MTI) – International organisations are finally recognising the Hungarian economy’s improvement, Economy Minister Mihály Varga said on Tuesday, noting a fresh report by the IMF which said the Hungarian economy is performing “very well”. Varga also noted that on Monday Morgan Stanley said Hungary improved the most in the region since 2008 in terms of reducing its vulnerability. The minister said the government will look to significantly reduce last year’s 750 billion-800 billion forint (EUR 2.4bn-2.6bn) budget deficit this year.
Budapest, October 12 (MTI) – The World Bank could contribute to the handling of the migrant crisis through its loan and development programmes, Economy Minister Mihály Varga told public Kossuth Radio on Monday. Varga said the migrant crisis dominated discussions at last weekend’s annual meeting of the International Monetary Fund and the World Bank, with the conclusion being that the bank could launch loan programmes that provide local jobs and income to people considering setting off for Europe. The bank’s programmes should also be used to create peaceful conditions in the Middle East and Sub-Saharan Africa, so migrants can eventually ... Read more
Budapest (MTI) – The International Monetary Fund raised its projection for economic growth in Hungary this year to 3 percent, in its fresh World Economic Outlook published Tuesday, from 2.7 percent it forecast in April. The projection is just below the government’s official forecast of 3.1 percent growth. The IMF projects Hungary’s GDP growth rate will slow to 2.5 percent in 2016. The forecast was raised from 2.3 percent in April. The IMF forecasts consumer prices will edge up 0.3 percent this year. In April it expected the consumer price index would be flat. Inflation is expected to rise to 2.3 ... Read more
Budapest, May 11 (MTI) – The International Monetary Fund raised its forecast for Hungary’s economic growth in its Regional Economic Issues report released on Monday. Growth could reach 2.7 percent this year according to the new report. The forecast was raised from 2.3 percent in the previous report published in October 2014. For 2016, the IMF expects growth of 2.3 percent. Real domestic demand could grow at a slower pace, with 1.1 percent growth expected in 2015, down from a 2.5 percent growth forecast in October. Export growth is projected at 6.2 percent compared with 5.3 percent. Real private consumption ... Read more
Brussels, May 11 (MTI) – The International Monetary Fund (IMF) has forecast stable economic growth for central and eastern Europe for this year and the next in its latest regional report. The report focusing on the economy of central, eastern and southeastern Europe will be presented in Budapest on Monday. Assessing Hungary’s economic situation for the press in Brussels, Jorg Decressin, Deputy Director of IMF’s European Department, noted that the budget deficit had been cut to about 3 percent of GDP from relatively high levels over the past few years. Further, there has been a good deal of monetary easing, ... Read more