Hungary’s Ministry for National Economy has welcomed the OECD’s fresh forecast for Hungarian GDP growth.
The 34-member international economic organisation, a club of mainly rich nations, raised its growth estimate for next year to 2.4 per cent from 2.2 per cent in the previous outlook released in June. The OECD stood by its 3 per cent projection for Hungary’s growth this year. It also forecast GDP growth of 3.1 per cent for 2017. The Ministry for National Economy has welcomed the report, which it said had evaluated Hungary’s economic prospects positively, especially in light of the general deterioration in global growth trends over the recent past. The ministry said that OECD’s forecast falls in line with the positive economic course that the government has outlined for Hungary. The reports of international organisations, credit-rating institutions and market players all testify to the fact that Hungary’s reforms are working, it added.
Zoltán Cséfalvay, Hungary’s permanent representative in the OECD, said that the OECD “still has more faith” in Hungary’s economy than the European Commission. Earlier this month, the Commission projected an economic growth rate of 2.9 per cent for 2015, 2.2 per cent for next year, and 2.5 per cent for 2017.