Hungarian Finance Ministry Sees 3% GDP Contraction In 2020

  • 6 May 2020 8:51 AM
  • Hungary Matters
Hungarian Finance Ministry Sees 3% GDP Contraction In 2020
Hungary’s finance ministry submitted an updated convergence programme to the European Commission that envisages a 3% GDP contraction in 2020 in light of the coronavirus crisis.

The programme projects the economy to bounce back and grow by 4.8% next year, the ministry said in a statement.

Economic growth is seen exceeding 4% between 2022 and 2024.

The document puts this year’s budget deficit at 3.8%.

The public debt-to-GDP ratio is projected to rise this year, before falling again from 2021, to below 60% by 2024.

Hungary’s economic policy remains committed to the improvement of the country’s competitiveness, continued tax cuts and fiscal discipline, the ministry said.

  • 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.

Explore More Reports