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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Hungary's investment funds had aggregate assets of HUF 3.657tn (EUR 11.98bn) as of end-February 2013, up by 3.2% m/m, MTI news agency reported citing data from the association of investment funds ... more
The number of employees in Hungary's public and private sectors fell for the tenth straight month in January 2013 declining by 0.6% y/y to 2.574mn, the statistics office informed. The decline ... more
The assembly of state-owned Hungarian Electricity Works (MVM) has approved the purchase of the local gas business of German power utility E.ON, Hungary AM reported, citing local daily Magyar ... more