The World Bank raised its forecasts for Hungary’s GDP growth in 2018-2020 in its fresh biannual Global Economic Prospects report.
According to the Global Economic Prospects report, growth in the region is projected to moderate to an upwardly revised 3.2 percent in 2018 and edge down to 3.1 percent in 2019 as a modest recovery among commodity exporting economies is only partially offset by a slowdown among commodity importers. In Turkey, growth is forecast to slow to 4.5 percent in 2018 and to 4.0 percent in 2019 as delays in fiscal consolidation and the extension of the credit support program temper an anticipated slowdown following the strong recovery last year. Growth in Russia is anticipated to hold steady at a 1.5 percent rate this year and accelerate to 1.8 percent next year as the effects of rising oil prices and monetary policy easing are offset by oil production cuts and uncertainty around economic sanctions.
The World Bank raised the GDP growth forecast for this year to 4.1 percent from 3.8 percent in the previous report published in January. It raised the forecasts for 2019 and 2020 both by one-tenth of a percentage point to 3.2 percent and 3 percent, respectively.
Hungary’s government puts GDP growth at 4.3 percent this year.
With the new forecasts, the World Bank‘s analysts also acknowledge that Hungary’s economic policy is on the right track, after a number of international economic and financial institutions did the same, the finance ministry said in a statement after the report was released.
Read more HERE: Global Economic Prospects.
Source: World Bank/MTI