EC Sees Hungaryʼs Economy Contracting 6.4% in 2020

2020. november 06.

Budapest Business Journal

The European Commission projects Hungaryʼs GDP will fall 6.4% this year in an autumn economic forecast published on Thursday, according to a report by state news wire MTI. The projection is an improvement from a 7% decline in a forecast published in July.The EC said economic activity in Hungary "rebounded vigorously" after a spring lockdown ended and global supply chains were restored, but added that the recovery is "set to pause" in the last quarter as the country experiences a strong second wave of the pandemic. The commission projected a rebound after the pandemic, with growth reaching 4% in 2021 and 4.5% in 2022.