Development and Finance from issue 2008/3

Gábor Karsai

The Hungarian Economic Crisis: Fact or Fiction?

- Abstract -

In the early summer of 2008, a significant number of economic analysts are discussing the disappointing consequences of the consolidation package launched in 2006, while the opposition is talking about the need for a crisis-management government. Fact is that Hungary became a straggler in the EU in 2007, not just from the perspective of almost all the equilibrium indexes but also regarding economic growth. The use of the term ‘crisis', however, is fallacious and deceptive, since the current trends indicate successful crisis management – at least in terms of the major objectives - as well as disadvantageous side-effects and the persistence of decade-old problems. Besides, plenty of indicators still reveal a competitive edge to the Hungarian economy.


Gábor Karsai, PhD, deputy CEO (GKI Economic Research Co, Hungary)

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