Hungary: Staff Report for the 2010 Article IV Consultation and Proposal for Post-Program Monitoring International Monetary Fund

ISBN: 9786613868961

Published: February 3rd 2011

ebook

59 pages


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Hungary: Staff Report for the 2010 Article IV Consultation and Proposal for Post-Program Monitoring  by  International Monetary Fund

Hungary: Staff Report for the 2010 Article IV Consultation and Proposal for Post-Program Monitoring by International Monetary Fund
February 3rd 2011 | ebook | PDF, EPUB, FB2, DjVu, audiobook, mp3, ZIP | 59 pages | ISBN: 9786613868961 | 3.43 Mb

1. Hungary is emerging from a severe economic crisis. The economy was immediately and profoundly affected by the global financial strains erupting in late 2008, reflecting high pre-crisis vulnerabilities1 and close integration into global financialMore1. Hungary is emerging from a severe economic crisis. The economy was immediately and profoundly affected by the global financial strains erupting in late 2008, reflecting high pre-crisis vulnerabilities1 and close integration into global financial and goods markets.2 Further, Hungarys growth performance was already sub-par before the crisis, given weak structural foundations.

The combination of improved policies in the context of the IMF/EU-supported program (Box 1), availability of large and upfront official financing, and an easing of global financial conditions brought a stabilization from mid-2009. However, while Hungary escaped a financial meltdown, a sharp recession was not avoided: real GDP contracted by almost 7 percent in 2009 as exports fell sharply in the context of a global retrenchment in trade and domestic demand declined amid financial strains and limited policy space.

Controlling for Hungarys trade openness and pre-existing vulnerabilities, however, the GDP decline was roughly in line with other countries in the region (Section II).



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