Analysis by Region - Emerging Markets - Hungary
We've nudged up our 2025 GDP growth forecast for Hungary by 0.1ppts to 2.2%, following an estimated 0.6% expansion this year. After slipping into a technical recession over Q2-Q3, we think the economy has returned to growth in Q4. But we expect the recovery will prove gradual at best as headwinds to growth – notably weak foreign demand – still linger. So, while we expect growth will pick up further over 2026-2027, we consider the risks as skewed to the downside.
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