EBRD: Hungarian recession could be over 1 percent

The European Bank for Reconstruction and Development (EBRD) forecasts a larger than expected recession for Hungary this year. According to the bank's latest forecast for the region the whole region's economic growth slows after the euro zone’s debt crisis infects the region.

According to EBRD's recent forecast, this year the Hungarian economy may decrease by 1.3 percent and an only 0.4 percent increase can come in 2013. The Wednesday published forecast is more pessimistic than the May forecast, when a 1 percent recession was predicted for this year, and a 0.7 percent growth for the next year. It is worth to recall that the EBRD was more pessimistic in January, when they predicted a minus 1.5 percent growth. (portfolio.hu)