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Speaking of a slower-than-expected recovery, Virág said a pipe-shaped recovery is more likely than a “V” shape.
The economic slowdown greater than expected in the second quarter was explained by several factors:
- the epidemic pushed back global car sales
- and tourism,
- investments have decreased significantly,
- and most of the economic effects of the restrictions occurred in Hungary in the second quarter. (If we look at the drop in the first two quarters, it is not as bad in Hungary as if we only look at the second quarter, the reason is that the onset and course of the coronavirus crisis was different in each country – ed.)
Barnabás Virág said that in the future, the housing market and investments in infrastructure and the green economy may be the areas that can have a significant impact on economic growth.
Cover image: Shutterstock
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