EBRD improves 2010 growth forecast for Hungary.

By bne IntelliNews January 25, 2010
The Hungarian economy would contract by 0.6% y/y in 2010, the most recent EBRD forecast said, showing an upward revision from the 0.9% y/y economic decline, projected in October 2009. The EBRD forecast is in line with the official government macroeconomic framework. EBRD noted that the impact of the economic crisis would gradually bottom out and the recovery would be based on a slow resumption of global economic growth. Hungary is expected to rebound from the crisis at a weaker pace than other countries from the region as it would be restrained by local factors, including an unsustainably high government debt. Consequently, the bank recommended specific policies to restructure debt, improve balance sheets and deal with impaired assets in order to attract capital inflows and stimulate credit activity. EBRD projected that the Hungarian economy would expand by 2% y/y in 2011.

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