This is how the Hungarian economy will be in 15 years

London financial analysts have made their prognosis for the next 15 years to come. The three fastest growing economies in the ranking are Vietnam, Bangladesh and the Philippines. These countries will have much better economies in the future, according to forecasts.

The Center for Economics and Business Research (CEBR) makes its prognosis at the end of each year to classify the economic state of countries. – writes portfolio.hu. This year, they predict that China will recover from losses caused by the coronavirus later than initially expected.

Originally it was predicted that China would become the number one economy, but now it looks like the United States holds the title.

Growth in China has been slower than expected while GDP has increased in the United States. According to the CEBR prognosis, China will finish in first place by 2030, two years behind previous economic forecasts. By 2033, the German economy will precede that of Japan. India will be the world’s third-largest economy from 2031.

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The prognosis of the Center for Economic and Commercial Research (CEBR) also ranked Hungary. The country is currently 56e of the 193 economies on the list. The prognosis does not indicate any change in Hungary’s ranking by 2036. The country may still remain in the 56e place in the ranking.

“Hungary had a PPP-adjusted GDP per capita of $ 36,849 in 2021, making it a high-income country. The pandemic had a negative impact on the economy, with a GDP contraction of 5.0% in 2020. Nonetheless, the economy rebounded in 2021, with an estimated growth rate of 7.6% in 2021. .

As a result, output is 2.3% above 2019 levels. An important part of the economy’s strong performance in 2021 has been the strain on the labor market. Indeed, the unemployment rate has fallen by 0.015 percentage point to 4.1% in 2021. ”- we can read in the World Economic League Table.

The document also states that inflation is a big problem and that “the government’s plan to reintroduce the 13th month pension and family support policies further inflate these values.”

If you want to read the prognosis for other countries, click HERE to see the full document.

National Bank of Hungary
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Source: portfolio.hu, cebr.com

Laura T. Thrasher