Continuing to catch up: Hungary can take another step towards the most developed member countries
Although there is a lot of uncertainty regarding the outlook, and growth is almost certain to slow down in the months ahead, the catch-up that has been going on for years in the Hungarian economy may continue, says Gergely Suppan, senior analyst at Magyar Bankholding, after based on the data available so far more than 2 percentage points in our country’s growth surplus, so there is a realistic chance that Prevention of Portugal after, let’s take another step towards the most developed member countries this year.
Although Hungary’s position in the GDP ranking is not expected to change, the expert calculated that, based on purchasing power parity, our gross domestic product rose to an average of 78 percent in 2020 from 76 percent the previous year.
This is how Hungary can be a local exception
For the first time, the Hungarian Prime Minister spoke at Tusnádfürdő about Hungary must be a local exception in a global recession, but the prime minister did not specify what he meant by this at the time,
however, this was done instead by Minister of Economic Development Márton Nagy, according to whom the Hungarian economy can be locally exceptional if the 2 percentage point growth advantage is maintained.
And this did not disappear from Hungarian output in the first half of the year: it increased to 7.3, and even the average growth rate of the Union remained below 5 percent, so there was quite a surplus, which was also considerable compared to the Visegrád countries: in Slovakia, this time GDP expanded by 2.4 points, and in the Czech Republic by 4.2 points (the Hungarian one was roughly the same). version According to Gergely Suppan, the problems caused by high inflation appear in the countries of the region already at the beginning of the year, in contrast to Hungary, where the statistical office measured real wage growth. According to him, this also explains the favorable Hungarian data, just as the inflow of capital operating abroad has provided substantial support to growth so far.
This is where the Hungarian economy can reach if convergence continues.
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