The European Union is lagging behind in the economic recovery, Hungary is at the forefront
The weakening of the union is indicated by the fact that China and the United States were able to settle their ranks faster during the crisis than their community. By the way, Hungary was one of the few in the EU where the performance of the economy had previously exceeded the pre-epidemic level compared to the majority – writes the Hungarian Nation.
The consequences of the coronavirus have posed a serious challenge to countries around the world, and recovery has not been the same everywhere. Economic performance has declined for one quarter in China, three in the United States and five quarters in the European Union.
In the first quarter of last year, restrictions were already holding back economic performance by three smaller ones than at the outbreak, but production and supply chains were still stalled. The significant rise in energy and raw material prices was also a challenge, partly due to the surge in demand after the economic downturn and partly due to supply-side problems (loss of production due to the weather), recalled the latest summary from the Central Statistical Office (CSO). The price increase mainly affected the energy-producing and energy-intensive sectors, but was also indirectly included in the prices of other products. Inflation has also been accelerated by public budgets focusing on economic recovery and typically with high deficits. All of this also affected monetary decisions, but leading central banks continued to pursue fundamentally loose financial and policy on that loan.
The CSO drew attention to the fact that one of the key players in the world economy, which was the starting point of the pandemic in China, reduced its economic performance only in the first quarter of 2020, after which it started on a growth trajectory again.
Gross Domestic Product (GDP) of the Asian country 2021. I – III. quarter was 9.8 higher than in the same period last year. Growth involves essentially every area of the economy.
In the other center of the world economy, the United States, GDP grew by an average of 5.7 years on average in the first three quarters, and even exceeded it before the epidemic in January I-III 2019. quarterly level. Household consumption and gross fixed capital formation also increased significantly. Partly due to their import demand, imports expanded dynamically, while exports only picked up from the second quarter, so the foreign trade balance restrained the performance of the US economy.
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The economic downturn due to the epidemic in the European Union was greater and lasted longer than in China or the United States.
The amount of the CSO reads that the volume of EU GDP in 2021 I – III. Although 5.3 were higher in the third quarter than in the previous low, they were still 1.8 full two years earlier.
A 2020. I – III. The performance of the economy has increased in relation to the third quarter, and in most of them the figures for the same period of the year 219 have to be determined. However, in the largest economies, the volume of GDP has not yet reached pre-pandemic levels: in France, Italy and Spain, the outbreak is particularly severe, and the then declining German economy is recovering.
Germany’s GDP in the first nine months of 2021 was curbed by, among other things, the global chip deficit in the automotive industry, which partly caused the economic performance of Slovakia and the Czech Republic to fall short of pre-epidemic levels among the Visegrad countries (V4). period. The Hungarians, on the other hand, also exceeded the pre-epidemic level.