The OECD raised its forecast for Hungary’s GDP growth this year to 6.0% in its biannual Economic Outlook published on Tuesday. The forecast was raised from 4.0% in June.
The OECD projects Hungary’s GDP growth will slow to 1.5% 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.