Key View

• We retain a relatively positive outlook for Hungary’s medical device market despite ongoing concerns regarding the country’s macroenvironment.
• Inflation in Hungary is set to remain a problem in the coming quarters and may limit medical device spending capabilities.
• We anticipate that the ruling Fidesz party will continue to enact

Key View: Our core view remains that Hungary's electric vehicle (EV) market is set to experience strong growth over the coming years, as EU member markets continue to implement carbon reduction policies and EV adoption benefits from the gradual development of the EV infrastructure network. We forecast passenger EV sales growth in Hungary to

Latest Development: On April 19 2023, Hungarian National Bank (MNB) Vice President Barnabás Virág indicated in an interview with vg.hu that the upper limit of Hungary’s interest rate corridor (the O/N collateralised lending facility presently at 25.00%) may be lowered significantly following the April 25 MPC meeting. We (alongside markets)

Key View: We hold a negative outlook for the Hungarian consumer over 2023, as households face a myriad of issues, ranging from a weaker global economic environment, high and sustained inflation levels and further spillover effects from the Russia-Ukraine conflict. Already, these issues are feeding through into significantly weak consumer

Key View

• We have held our 2023 Hungarian current account deficit forecast at 5.3% of GDP.
• The 2022 deficit of 8.4% of GDP did surprise our expectations (7.3%) to the upside, suggesting current account trends are worse than we had anticipated, although a more benign energy outlook in 2023 does suggest some pressure on external balances will

Key View

• While Emerging Europe has managed to return its debt to pre-pandemic levels and overall debt levels are also lower than in DM Europe, we believe debt sustainability issues still remain.
• In a climate of tightening financial conditions, unorthodox monetary policy especially poses elevated risks to private debt in Turkiye and Hungary.

Key View

• We are holding our end of 2023 Hungarian main policy rate forecast steady at 13.00%, following the March 28 rate setting meeting, where the Hungarian National Bank (MNB) opted to hold the rate at 13.00%.
• We expect the Bank to soon detail its path to policy normalisation. At present, market conditions are determined by the one-day

Key View

• At Fitch Solutions, we are holding our end of 2023 Hungarian main policy rate forecast steady at 13.00%, following the February 28 rate setting meeting, where the Hungarian National Bank opted to hold the rate at 13.00%.
• We suspect that the MNB will begin the process of narrowing the differential between its de facto policy rate

Key View

• Covid-19 changed the Hungarian government’s focus on healthcare spending, although we expect spending to be reduced in coming years.
• Private hospital numbers and insurance uptake is set to increase following a sustained period of elective surgery deferrals.
• Healthcare personnel remains a point of contention for the healthcare system

Key View

• At Fitch Solutions, we retain our forecast of an end-2023 main policy rate at 13.00% in Hungary. On January 24 2023, the monetary policy committee of the Hungarian National Bank opted to hold the rate at 13.00%.
• The January meeting brought about three changes, which means tighter policy for longer. Namely, the introduction of weekly