Place Credit Reports Hungary Order
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Economy Overview:
Hungary has made the transition from a centrally planned to a market
economy, with a per capita income one-half that of the Big Four European
nations. Hungary continues to demonstrate strong economic growth and
acceded to the EU in May 2004. The private sector accounts for over 80%
of GDP. Foreign ownership of and investment in Hungarian firms are
widespread, with cumulative foreign direct investment totaling more than
$60 billion since 1989. Hungarian sovereign debt was upgraded in 2000
and together with the Czech Republic holds the highest rating among the
Central European transition economies; however, ratings agencies have
expressed concerns over Hungary's unsustainable budget and current
account deficits. Inflation has declined from 14% in 1998 to 3.7% in
2005. Unemployment has persisted around the 6% level, but Hungary's
labor force participation rate of 57% is one of the lowest in the
Organization for Economic Cooperation and Development (OECD). Germany is
by far Hungary's largest economic partner. Policy challenges include
cutting the public sector deficit to 3% of GDP by 2008, from about 6.5%
in 2005, and orchestrating an orderly interest rate reduction without
sparking capital outflows.
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