Fitch: Hungarian economy to rebound in 2021

The Hungarian economy will shrink this year by 5.9 percent but rebound in 2021, according to a Fitch Ratings forecast. The rate drop, largely due to the coronavirus pandemic, is the largest seen since the 2009 financial crisis, writes the ratings agency. Fitch is anticipating GDP will grow by 5.4 percent next year, with Fitch pointing out that confidence indicators are reviving and vehicle production is ramping up. The country’s fiscal deficit is set to increase to 4 percent of GDP this year, but fall to 2.1 percent in 2021, according to Fitch’s forecast.