Further improvements are expected on the labor market, with the jobless rate set to fall to 4 percent in 2021 and 3.4 percent in 2022.
According to the OECD’s biannual forecast, Hungary’s GDP is expected to grow by 4.6 percent this year. “Economic activity is expected to rebound from mid-2021 onwards, as a swift vaccination rollout supports the recovery of private consumption. External demand will strengthen with the recovery in major European trading partners,” the OECD said in its Economic Outlook. The projection is above the government’s official forecast of 4.3 percent economic growth. The OECD sees Hungary’s economy expanding by 5 percent in 2022.