Hungarian Conservative

The global credit rating agency expects Hungary’s ‘fiscal slippage’ in 2023 to be temporary, and projects the country’s GDP to grow by 2.6 per cent in 2024, after it shrank by 0.5 per cent in 2023.

The agency expects substantial foreign investments in battery production to further attract funding, leading to increased job creation, technological advancements, and enhanced exports. Scope Ratings emphasized that Hungary’s BBB credit ratings are reinforced by the robust structure of external and public liabilities.

According to the ten-page study by the international credit rating agency, the stable outlook is supported by the region’s expected robust macroeconomic performance. In addition, the economies of the countries in the region have been relatively resilient to the European energy supply crisis.

This positive trajectory in Hungary’s financial landscape had an impact on the nation’s global ranking in terms of wealth. Hungary has advanced two positions, now sitting at 30th place among the world’s nations, demonstrating the country’s progress despite the challenging economic conditions.

The credit rating agency expects a three per cent economic growth in Hungary next year, supported by strong exports, a high investment rate, and rising real wages.

Enumerating the factors strengthening the positive outlook for the economy, the Hungarian finance minister stated that the country’s export performance is very good, and in terms of population, Hungary ranks 94th among the countries of the world, while it stands at 34th place in terms of export indicators.