Illustration - Photo: pxfuel

OECD raises Hungary 2022 GDP growth forecast to 6 percent

The OECD raised its forecast for Hungary's GDP growth this year to 6.0 percent in its biannual Economic Outlook published on Tuesday.

The forecast was raised from 4.0 percent in June.

The OECD projects Hungary’s GDP growth will slow to 1.5 percent in 2023.

“The slowing reflects persistently high inflation, the economic fall-out of Russia’s war of aggression against Ukraine, weaker external demand and negative confidence effects,” the OECD said.

“Private consumption is likely to be dampened by increasing unemployment and a deceleration of real wages,” it added.

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