👉Hungary's Economy Continues to Roar thanks to Automotive Parts Exports Although widely criticized for his authoritarian and populist style, Hungarian Prime Minister Viktor Orbán has pushed the economy to do better than many European countries.
Hungary's economy remains one of the few bright spots in the European Union. Still, Prime Minister Viktor Orban's nationalist government is facing a backlash in the EU over its anti-immigration stance and its views on Muslims.
More than 800,000 new jobs in the last nine years in a country of 10 million people, the second-highest GDP growth in 2019, and one of the lowest unemployment rates of Europe. So far, so good, but what are the challenges ahead, and can Hungary respond to them make a successful transition and be among the winners of the 4th industrial revolution?
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Hungary's economy is distinguishing itself from most of the economies of the European Union (EU).
The country is suffering from a dearth of cheap labor - unemployment has fallen below 3.5%. The average wage in Hungary is €650 per month.
The shortage of workers is pushing wages up, but employers say that if they rise too high, factories could be forced to move elsewhere. A reform that aimed to solve the problem by making existing workers work longer hours has been met with stiff resistance.
According to Eurostat (European Commission agency), real GDP growth in 2018 was 5.1%, even better than 4.3% the previous year. Considering that the overall EU average was 2.6% (in Germany, 1.5%), Hungarian performance is better understood.
Last November, the European Bank for Reconstruction and Development (EBRD) confirmed that the good momentum of Hungary's economy is set to continue, raising the forecast for GDP growth to 4.6%, somewhat less than the Hungarian government's forecast of 4.8%.
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