US EditionEven National Bank Governor Varga Acknowledges that the Orbán Cabinet's Economic Figures Are Incorrect
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Even National Bank Governor Varga acknowledges that the Orbán cabinet's economic figures are incorrect
According to Mihály Varga, the governor of the Hungarian National Bank, the full-year GDP growth this year will be only 0.8%. The Hungarian government had previously talked about a flying start and 4% growth. Furthermore, the National Bank projects GDP growth of only 2.8% even in 2026. Risk of GDP decline and inflation surge, says central bank Governor Mihály Varga The National Bank added that the inflation rate could “decline persistently” to t…
Péter Virovácz, senior analyst at ING Bank, held a press conference titled "Short-term economic outlook forced to the ground." According to the analyst, there is a chance that inflation could fall below 4% by the end of 2027, but until then the Hungarian economy will have to deal with numerous problems.
Central Bank Governor Mihály Varga provided insight into the decision-making mechanism of Hungarian economic policy. According to him, growth will be lower, inflation higher, and statements by government members should not be relied upon unless they have already been written down.
The monetary council of the Magyar Nemzeti Bank headed by Mihály Varga did not touch the base rate. Thus, it is still 6.5 percent, now since last fall. According to the MNB president, according to the central bank's forecast, the Hungarian economy will grow by only 0.8 percent in 2025. This is a far cry from the launch announced by the government to be identical.
The Hungarian National Bank has issued a more pessimistic forecast for the Hungarian economy, but the good news is that a real turnaround is already in sight. Inflation is guaranteed to remain within the central bank's tolerance band next year, and GDP growth will accelerate rapidly from 2026.
The central bank expects lower growth and higher inflation than the cabinet.
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