[ad_1]
In Hungary, there will be no decline, but growth this year, the central bank maintains its growth forecast of 2-3 percent, György Matolcsy, governor of the Hungarian National Bank (MNB) said in the Sunday News newspaper on Kossuth Radio, according to MTI.
According to the central bank governor, successive European growth forecasts reflect a variety of approaches. Two of the financial and economic institutions that deal with European forecasts are more optimistic than the International Monetary Fund (IMF) and the Hungarian government: the Polish central bank and the MNB. They are expected to have a quick drop and fast rebound economic impact, that is, “V-shaped,” Matolcsy said.
The first trimester will not be bad, the second trimester will produce quite horrible figures, and the third and fourth trimesters “will avoid” previously lost performance. That is why I dare say that there will be a 2-3 percent increase in Hungary in 2020, he explained.
According to him, this is reinforced by the fact that the vast majority of the Hungarian economy is operating, even in the low weeks of April.
There are areas in danger of extinction in crisis, such as tourism and closely related hospitality, or the cultural sector, the organization of events and part of transport, the governor of the central bank listed.
He called for optimism based on the facts, which they hope will be reflected in the next GDP in the first quarter. He noted that in the first quarter, Hungarian consumption had a 10% surplus on retail sales and consumption compared to the euro area. This is also a position that strengthens competitiveness, he noted.
According to Matolcsy, the crisis caused by the coronavirus epidemic hit the Hungarian economy in good shape, but it received a “hit”. Therefore, the central bank again announced the growth loan program introduced in 2013 on even more favorable terms. call. So far, financial institutions have signed dozens of contracts and expect to conclude thousands or tens of thousands of such contracts with companies. The companies used the loan mainly for wages, in the summer months the investment and development objective stands out, he said.
The central bank bond purchase program, launched this week, was a success, achieving in a few days an effect that might not be possible for months: it increased yields on government bonds from 3.3% to 2%, he explained.
[ad_2]
