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Varga Sees Hungary Bypassing Recession With 1.5% Growth Rate in 2023

HUNGARY
  • Hungary's financing needs can be met next year, and the budget is on a stable footing, MTI report citing Finance Minister Varga yesterday. Even amidst the poor international environment, the government will be able to continue cutting the budget deficit and the public debt, as Varga sees Hungary bypassing a recession and achieving growth of 1.5% in 2023.
  • Hungarian Prime Minister Orban is scheduled to hold a rare press briefing before a cabinet meeting today at 0900 GMT/1000 local time.
  • Bloomberg report that Hungary plans to continue tapping international debt markets next year to help cover soaring costs of energy imports as the nation plans to sell as much as $4 billion in dollar debt in the first half of next year and to buy back as much as $1 billion of dollar bonds.
  • There are no major economic releases on the docket today ahead of Q3 current account data (Exp. EUR -4.5bln) and trade balance data set for release tomorrow.
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