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One of the most important government documents of 2021 was published at an interesting, but not unusual, time. In the last hours of the last day of the year, the Ministry of Finance released its updated macroeconomic and budgetary forecast, from which we can get an idea of the economic base scenario that the government is considering.
The government expects a 6.4% decrease in GDP this year, while the Hungarian economy may grow 3.5% next year (this was already known), and a 5.4% increase could occur in 2022 according to the government forecast. The latter would be an all-time high (we saw a 5% GDP growth rate in 2018, the best since the post-transition period).
We also get an important forecast from the government on the path of the deficit. According to them, after the increase in the budget deficit caused by the epidemic, in 2023 a deficit of 3% of GDP could return.
Cover image source: MTI / Bruzák Noémi
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