Atradius: a new type of crisis and recession is expected in the Hungarian economy next year

By: Trademagazin Date: 2022. 10. 07. 09:10

In its usual autumn analysis, credit insurance company Atradius expects the domestic economy to shrink by 2023. According to the study, Hungarian GDP will still be positive this year, but analysts expect a recession next year. As a result of the real economic effects of the crisis, Central European companies are forced to cut costs, and mass layoffs in some sectors can be feared in Germany and Central Eastern Europe as well. According to the analysis, the growth of the world economy next year will be 2.3 percent, and that of the Eurozone will be 0.8 percent.

Az inflációkezelés klasszikus módszerei nem működnek

According to the credit insurance company’s analysis, the growth of the world economy will slow down in 2022 due to the Russian-Ukrainian war and the re-closure of some of China’s major cities. Analysts estimate global GDP at 2.8 percent this year. The GDP of the United States may grow by 1.7 percent this year, that of the Eurozone by 3 percent. The data for Central and Eastern Europe are considered good for the year as a whole (Austria 3.7 percent, the Czech Republic 2.5 percent, Poland 5.4 percent.) According to the Atradius study, Hungary will end the year with a growth of 4-4.5 percent, however, the signs of the crisis are already perceptible. – In the third quarter, we expect the GDP numbers to be zero, and we think the last quarter will be negative. Unfortunately, all of this predicts the performance of the Hungarian economy in 2023. Our estimate for next year is minus 3.5 percent – said Balázs Vanek, the country director of Atradius.