National Bank of Hungary chief: We won't fall this yearChristian Fernsby ▼ | May 11, 2020
The National Bank of Hungary (MNB) is leaving its GDP growth projection of 2-3 percent for this year unchanged, rather than projecting a contraction, György Matolcsy, the central bank’s governor, told Kossuth Rádió on Sunday.
National Bank of Hungary György Matolcsy
He said that while the first quarter indicators “won’t be bad”, the second quarter “will generate some pretty awful figures”. However, the third and fourth quarters are expected to make up for the losses, Matolcsy said, adding that this was the central bank’s basis for putting this year’s growth rate at around 2-3 percent.
The governor said the MNB’s forecast was backed up by the fact that “most of the Hungarian economy is working” and had also been working “during the low point that was April”.
Matolcsy added, at the same time, that certain sectors of the economy like tourism, the hospitality industry, the cultural sector and the shipping industry were vulnerable or in crisis. ■