Magdolna Csath, professor at the National University of Public Service, said Hungarian industrial production growth of over five percent last year was extremely good when compared to the rest of Europe.
The leading economist pointed out that, in addition to the rise, the volume of production had declined slightly in the last quarter, which was justified by a lower performance in manufacturing, including the automotive industry. “However the service sector, construction and trade performed well, which offset this weakening,” she said.
The professor added that, “the slowdown at the end of the year warns that the economy needs to be strengthened, and that stability can come from the domestic small business sector and the knowledge sector”.
Speaking about the economic effects of the coronavirus, Csath stressed that even if the epidemic were quickly curbed, there would be a slowdown in the Chinese economy. However, failure to halt the spread of the virus will have a major impact on the world economy, interrupting global chains and reducing tourism.