Economic recovery expected to be slow – latest DUIHK survey

By: Trademagazin Date: 2024. 11. 20. 11:49

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The German-Hungarian Chamber of Commerce and Industry (DUIHK) presented its 2024 autumn economic survey on November 14, highlighting a slow path to recovery for the Hungarian economy. The study, based on responses from 262 company leaders, reveals widespread pessimism about the country’s economic prospects over the next year.

Key Findings:

Economic Outlook: Half of the respondents expect no improvement in the economy, with only 10% anticipating recovery. Business expectations are similarly cautious; one-third foresee better conditions, while one-fourth expect deterioration.
Major Challenges: Weak domestic demand remains the top concern, exacerbated by low public and private investment. Rising labor costs, which have increased by 66% in Hungary since 2019, further strain competitiveness, particularly for SMEs.
Positive Developments: Despite challenges, 38% of companies reported improved competitiveness over the past five years. Regulatory focus on sustainability has also enhanced competitiveness in some areas.

For a comprehensive analysis, the full survey report is available at www.ahkungarn.hu/konjunktur.

As the largest bilateral business organization in Hungary, DUIHK continues to support German-Hungarian economic relations and advocate for member companies’ interests.