October 22, 2024 – 3:58 pm
The IMF's October report significantly worsened the growth outlook for the Hungarian economy this year and next. At the same time, the organization is confident that in the medium term, until 2029, the Hungarian economy will expand significantly, exceeding the regional average.
In their report released in April this year, they forecast economic growth of 2.2 percent by 2024 and 3.3 percent by 2025. Their latest estimates forecast growth of just 1.5 percent for this year and 2.9 percent for next year.
Among the neighboring countries in the October report:
- Growth of 2.2 percent for Slovakia this year and 1.9 percent next year;
- Growth of 1.1% in the Czech Republic this year and 2.3% next year;
- Poland is expected to grow by 3% this year and 3.5% next year.
The IMF also prepares an estimate of how much a country's economic performance is expected to increase or decrease five years from now. By definition, this does not apply exclusively to that year, but rather to what can be expected for that period based on currently visible processes.
In April this year, a relatively high economic growth of 3.2% was expected for 2029, and this has not changed now either. By the way, there are similar forecasts for most countries in the region: in Poland they expect growth of 2.9 percent, in Slovakia 2.3 percent, and in Romania 3.5 percent.
