Illustration - Photo: pxfuel

Quarter of Hungarian businesses plan lay-offs

A quarter of Hungarian businesses plan lay-offs by the end of the year, according to a survey by ManpowerGroup.

While half of companies forecast no changes to headcount, only 20 percent plan new hires, so lay-offs could exceed the latter for the first time since the outbreak of the pandemic, the survey found.

Lay-offs are mainly expected in the capital and in western Hungary. Headcount may expand in manufacturing while remaining stagnant in banking, insurance and the real estate sector. A decline is expected in raw material production, IT, technology, telecommunication, communication and the media.

Also, 39 percent of hotels and restaurants plan cutbacks, ManpowerGroup said.

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