Now, the World Bank says the global economy could grow by 4 percent this year if the coronavirus vaccination is widely used around the world.
According to its “Global Economic Prospects” (GEP) report, Hungary’s gross domestic product (GDP) fell by 5.9 percent in 2020, less than the 6.8 percent expected back in June. The bank also cut its forecast for Hungary’s economy from 4.5 percent growth to 3.8 percent for 2021 and estimates GDP growth will be 4.3 percent in 2022.
The GDP in the Central European region, which includes Bulgaria, Croatia, Hungary, Poland and Romania, fell 4.4 percent last year, while the June forecast projected a 5 percent economic downturn. The region’s economic performance is expected to grow 3.6 percent this year, somewhat more modestly than the 3.8 percent expected in June.
Meanwhile, the World Bank expects the U.S. economy to grow by 3.5 percent instead of the 4 percent estimated in June and the eurozone to grow by 3.6 percent instead of 4.5 percent. Japan’s economic growth forecast this year is still for 2.5 percent growth.
According to the report, global GDP declined by 4.3 percent in 2020, whereas the bank previously forecasted a decline of 5.2 percent.