Illustration - Photo: pxfuel

OECD forecasts flat GDP for Hungary in 2023

The OECD lowered its forecast of Hungary's GDP in 2023 to 0.0 percent in its biannual Economic Outlook published on Wednesday.

The forecast was lowered from 1.5 percent in November.

“High inflation is eroding household purchasing power and consumption, while tight financial conditions and economic uncertainty are holding back investment,” the OECD said.

The OECD has put average annual inflation at 19.2 percent for 2023. It projected investment volume would contract by 3.5 percent.

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