Hungary's economy may be the second fastest growing after Croatia in the emerging and developing European region examined by the IMF this year - according to the World Economic Outlook (WEO) report published by the International Monetary Fund (IMF) on Tuesday.
In the IMF's previous April forecast for Hungary, it was stated that Hungary's gross domestic product (GDP) would grow by 3.7 percent, the updated estimate presented today shows a growth rate of 5.7 percent.
Minister of Finance Mihály Varga also announced the good news on his Facebook page.
The compilers of the report changed next year's GDP growth figure to 1.8 percent from the 3.6 percent predicted in April. Last year, the performance of the Hungarian economy increased by 7.1 percent.
According to the latest expectations, inflation will be 13.9 percent this year, and 13.3 percent next year after last year's 5.1 percent. In April, the IMF forecast inflation of 10.3 percent this year and 6.4 percent next year.
According to the IMF, unemployment in Hungary this year and next will be more favorable than expected in April. The rate was 4.1 percent last year, it is expected to be 3.4 percent this year, and 3.8 percent next year. In April, the IMF expected unemployment in Hungary to be 4.3 percent this year and 4.2 percent next year.
According to the IMF, Croatia's GDP will grow the most in the region this year, by 5.9 percent, and the rate of growth will decrease to 3.5 percent next year.
Source: MTI
Image: Depositphotos
