We've cut our 2025 GDP growth forecast for Hungary by 0.5ppts to 1.7%, following an estimated 0.5% expansion in 2024. The economy emerged from recession in Q4, matching our growth forecast of 0.5% q/q. But we expect the ensuing recovery to be gradual at best due to soft foreign demand and tight policy mix at home. So, while we continue to expect GDP growth to increase to over 3% in 2026-2027, we continue to see risks as skewed to the downside.
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