IMF raises Hungary 2021 GDP growth forecast to 7.6%

Analysis

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The International Monetary Fund (IMF) raised its forecast for GDP growth in Hungary this year to 7.6% in its latest World Economic Outlook released on Tuesday, according to a report by state news wire MTI.

The forecast was raised from 4.3% in the previous WEO published in April.

For 2022 GDP growth is forecast to be 5.1%, compared to the IMF's earlier 5.9% prediction.

The IMF projects the economy of the Czech Republic will expand 3.8% this year. It forecasts 5.1% GDP growth for Poland and 4.4% for Slovakia.

In its October report the IMF put annual inflation in Hungary at 4.5% in 2021, up from a 3.6% estimate in April. The National Bank of Hungary has a 3 +/- 1 pp mid-term target range for CPI.

In 2022 inflation could decrease to 3.6%, basically the same as the IMF's earlier 3.5% forecast.

The current account balance of Hungary could be the equivalent of 0.6% of GDP this year, while unemployment could average 4.1%.

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