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Hungarian GDP grew by 4.6% in 2022, while we forecast economic output to grow by 1.1% in 2023, 4.3% in 2024, 3.8% in 2025 and 3.6% in 2026. Our forecast is subject to downside risks such as shrinking retail sales, declining industrial sales orders and a drop in investment due to the current high interest rate environment.

Reflections on the European Commission’s preliminary report on the identification of Member States at risk of missing the 2025 targets for recycling municipal and packaging waste and the 2035 target for landfilling reduction.

On 8 June, EU interior ministers – with protests from Hungary and Poland – approved a package of proposals to reform the EU’s migration system, according to which Brussels would distribute illegal immigrants among Member States through a binding EU mechanism. According to the adopted document, countries that do not accept migrants assigned to them under the mandatory quota system must pay a penalty of EUR 22,000 (HUF 8 million) for each migrant not admitted. The next step in the decision-making process is to submit the proposal to the European Parliament. In view of these developments, Századvég has examined the position of Hungarians on the mandatory distribution of illegal migrants according to quotas planned by Brussels.

The establishment of sustainable supply chains not only serves to protect the environment, but also contributes to improving the competitiveness of companies through more efficient resource management and cost reduction. Despite all of this, the results of our research examining the situation of the Hungarian dairy sector show that the inequalities in the supply chain between milk producers, processors and traders, as well as the labour shortage and the energy crisis cause significant problems for businesses operating in the sector...

At its meeting in May, the Monetary Council of the central bank did not change the base rate (13%) but started to cut the policy rate. The central bank cut its effective rate, the overnight deposit facility rate, cut by 100 basis points to 17.0%. This is the first time since the end of the interest rate hiking period in October that the Magyar Nemzeti Bank has significantly changed monetary conditions...