Hungary:2022 Article IV Consultation-Press Release; Staff Report; and Statement by the Executive Director for Hungary

Author: International Monetary Fund. European Dept.

Hungary: 2022 Article IV Consultation-Press Release; Staff Report; and Statement by the Executive Director for Hungary

Volume/Issue: Volume 2023 Issue 070

Publication date: February 2023

ISBN: 9798400232169

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Topics covered in this book

This title contains information about the following subjects. Click on a subject if you would like to see other titles with the same subjects.

Exports and Imports , Inflation , Economics- Macroeconomics , Money and Monetary Policy , Public Finance , Business and Economics - Statistics , International - Economics , Policy recommendation , monetary policy mix , liability positions vis-à-vis nonresident , monetary policy transmission , inflation expectation , money market rate , reducing inflation , EU funds , Policy discussion , Inflation , Energy prices , Current account deficits , Fiscal stance , Global , Europe

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Summary

While the economy was recovering from the COVID-crisis, a succession of shocks and loose fiscal policy intensified inflation and fueled a large external deficit. Appropriately, the central bank significantly tightened monetary policy and the government plans a large fiscal adjustment. However, regulatory measures undermine the tighter fiscal and monetary policy mix. Growth is expected to slow sharply with still-elevated inflation and sizable risks can worsen the outlook.