IMF Sees Hungary's Economy Contracting 6.1% This Year, Then Rebounding & Expanding

  • 14 Oct 2020 8:26 AM
  • Hungary Matters
IMF Sees Hungary's Economy Contracting 6.1% This Year, Then Rebounding & Expanding
The International Monetary Fund (IMF) projects Hungary’s economy will contract by 6.1% this year, but rebounding and expanding by 3.9% in 2021, in its latest World Economic Outlook.

The forecast was lowered from a 3.1% contraction, but raised to a 4.2% expansion in the previous WEO released in mid-April, shortly after the country went into pandemic lockdown.

Hungary’s finance ministry earlier projected a 5-6% decline in GDP for this year.

The IMF sees Hungary’s unemployment rate reaching 6.1% this year, but going down to 4.7% in 2021.

The IMF expects Hungary’s current-account deficit to widen to 1.6% of GDP this year.

  • How does this content make you feel?

XpatLoop Media Partner

Hungary Matters

Launched in January 2014, this twice-daily newsletter covers 'everything you need to know about what’s going on in Hungary and beyond', according to its publisher the state media agency MTI. Click the title above for more info, and to subscribe.