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Facts & Statistics

The World Bank ups its forecast for the Hungarian economy

The bank sees 6.8 percent growth for 2021 and 5 percent for 2022.

Finance Minister Varga Mihály said that the government is working to maintain its advantage in the reboot of the Hungarian economy and keep it on a dynamic growth path in what is a slowing global economic environment.

The minister recalled that the World Bank expects the Hungarian economy to grow by 6.8 percent in 2021, instead of the 6 percent previously forecast. They also expect a 5 percent growth rate instead of 4.7 percent for 2022. They further forecast that the Hungarian economy’s performance could strengthen significantly by 4.3 percent in 2023.

According to the World Bank, the global recovery will slow down, as financial risks and new virus variants could create uncertainty. Global economic output grew around 5.5 percent in 2021, and they expect the global economy to expand by  4.1 percent this year and by 3.2 percent in 2022, he added. 

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