Hungary: 2024 Article IV Consultation-Press Release; and Staff Report

Hungary: 2024 Article IV Consultation-Press Release; and Staff Report
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Volume/Issue: Volume 2024 Issue 268
Publication date: August 2024
ISBN: 9798400283703
$20.00
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Topics covered in this book

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Finance , Inflation , Public Finance , safeguards assessment of the Magyar Nemzeti Bank , control environment , audit oversight , holdings rate , inflation pressure , holdings of SDR , Inflation , Financial sector stability , Housing prices , Europe , Global

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Summary

Hungary is emerging from a period of shocks. The pandemic, Russia’s war in Ukraine, and crisis-related stimulus widened fiscal and external imbalances and triggered double-digit inflation in 2022. Thanks to an effective monetary policy response aided by falling commodity prices and a tighter fiscal stance in 2023, inflation came down significantly, while the labor market and financial sector remained resilient. A large current account deficit in 2022 turned into a surplus, and output is starting to recover. However, significant challenges remain. The fiscal deficit and public-debt-to GDP ratios are well above 2019 levels, and various windfall taxes have created investor uncertainty. Interest rate caps and subsidized lending measures have distorted market rates, and a significant state presence in key sectors impedes competition.