Hungary: The quest for innovation
It was the European Union’s second-most dynamic economy, with 4.9 percent growth in gross domestic product recorded in 2019, ranked 16th in the world for foreign investments. Like most economies, Hungary took a serious hit with the COVID-19 pandemic; but could its pre-crisis dynamism and strong fundamentals help speed its recovery and preserve investments? Yes, say the experts. “We estimate 6 percent economic contraction in 2020, but we could recover the bulk of that this year and hope to continue growing from mid-2022,” asserts Mihály Patai, deputy governor of the central bank, who predicts the country will maintain a growth rate 2-3 percent above the eurozone average. Hungary has handled the health aspects of COVID-19 well, claims Zoltán Kovács, Secretary of State for International Communication and Relations, and International Spokesman for…