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.

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