The Hungarian economy is expected to grow at the third fastest rate in the European Union this year, the International Monetary Fund (IMF) confirmed in its revised regional growth forecast.
Accordingly, Hungary’s gross domestic product will increase by 7.6% this year, after a 5% decline in 2020. The figure is in line with the IMF’s latest World Economic Outlook released on October 12, and exceeds the forecast published in the April WEO by 3.3 percentage points. With this rate, Hungary will only trail Ireland (13%) and Estonia (8.5%) within the European Union. According to the forecast, Hungary’s economy will grow by 5.1% in 2022 and by 3.8% in 2023. The IMF has also confirmed its inflation forecast of 4.5% for this year, which would exceed last year’s rate by 1.2 percentage points. It put average the annual inflation for 2022 at 3.6% and for 2023 at 3.3%.