Hungary:2022 Article IV Consultation-Press Release; Staff Report; and Statement by the Executive Director for Hungary

Hungary: 2022 Article IV Consultation-Press Release; Staff Report; and Statement by the Executive Director for Hungary
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Volume/Issue: Volume 2023 Issue 070
Publication date: February 2023
ISBN: 9798400232091
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Summary

While the economy was recovering from the COVID-crisis, a succession of shocks and loose fiscal policy intensified inflation and fueled a large external deficit. Appropriately, the central bank significantly tightened monetary policy and the government plans a large fiscal adjustment. However, regulatory measures undermine the tighter fiscal and monetary policy mix. Growth is expected to slow sharply with still-elevated inflation and sizable risks can worsen the outlook.