While half of companies forecast no changes to headcount, only 20% plan new hires, so lay-offs could exceed the latter for the first time since the outbreak of the pandemic, the survey found.

Lay-offs are mainly expected in the capital and in western Hungary. Headcount may expand in manufacturing while remaining stagnant in banking, insurance and the real estate sector.

A decline is expected in raw material production, IT, technology, telecommunication, communication and the media.

Also, 39% of hotels and restaurants plan cutbacks, ManpowerGroup said.