France’s Coface, one of the largest European credit insurance companies, presented an upbeat picture of the Hungarian economy and its future prospects in a recently published study. The company also upgraded Hungary – as the only one among the analysed countries -- within its own credit rating system.
In 2013, the Hungarian economy began to shift towards a sounder and more balanced growth structure. Data compiled since then show that this positive trend has become firm: Hungary is heading in the right direction, as the growth structure of the economy has become stable and sustainable in the long term. Hungarian reforms are working: state debt is falling, the fiscal deficit is persistently below 3 percent of GDP and inflation has been subdued.
Several international financial institutions, investment advisors and credit rating agencies have recently acknowledged the achievements of the Hungarian economy. The three major global credit rating agencies are scheduled to review Hungary’s sovereign debt status, and thus on 4 March Moody’s Investor Services may be the first to modify the current rating with positive outlook, which already signals a potential, upcoming upgrade.
(Ministry for National Economy)