Hungary

NEMETHY: Is the world heading towards a “polycrisis”?

Les Nemethy CEO and founder of Euro-Phoenix Financial Advisors October 5, 2022

According to historian Adam Tooze, we are currently potentially facing a “polycrisis”: a number of smaller to medium-sized crises in the world that have the potential to combine and reinforce each other.

Hungary agrees on deferred payments with Gazprom for winter gas deliveries

Tamas Csonka in Budapest October 4, 2022

Agreement helps ease pressure on Hungary’s widening current account deficit and steady the sinking forint.

Orban faces perfect economic storm of his own making

Tamas Csonka in Budapest October 3, 2022

Hungary’s radical right-wing leader is struggling to cope with the country’s unfolding cost of living crisis, a task made much harder because of his pre-election spending spree and his isolation inside the European Union.

Czechs try to transform EU's relationship with Israel

Robert Anderson in Prague October 3, 2022

As the current rotating president of the European Union, Prague has convened a meeting of the long moribund EU Israel Association to try to boost EU links with the Jewish state.

bneGREEN: Fit for 55 – not fit for purpose

Richard Lockhart in Edinburgh September 30, 2022

The EU’s Fitfor55 efforts to reduce CO2 emissions by 55% by 2030 are woefully inadequate and unable to contain global warming to the 1.5°C target, with reductions of up to 77% needed instead to stand any chance of averting a climate catastrophe.

Hungary's 4iG signs new deal to acquire Israel's Spacecom

Tamas Csonka in Budapest September 30, 2022

4iG allowed to acquire a 20% stake in satellite company as a "first step" and three years later take majority control if Israeli communications ministry approves.

Hungary’s forint slides to new low after central bank ends tightening cycle

Tamas Csonka in Budapest September 30, 2022

The Hungarian currency has become the third worst-performing EM currency in 2022 after the Argentine peso and the Turkish lira.

Report says Russian gas supplies to Europe via TurkStream now endangered

bne IntelIiNews September 29, 2022

Gazprom unit that operates pipeline said to be withdrawing all technical support.

More pain stored up for Emerging Europe in 2023

bne IntelliNews September 29, 2022

Government efforts to shield populations from the energy crisis and rampant inflation have shifted the economic impact to next year, says the EBRD as it downgrades GDP growth forecasts for 2023.

Analysts question Hungarian central bank's signal that it is ending tightening cycle

Tamas Csonka in Budapest September 28, 2022

MNB raises base rate by 125bp to 13%, above the 75-100bp forecast, but calls time on further rate rises.

EBRD: Reduced gas supplies and inflation to slow growth further in EBRD regions

EBRD September 28, 2022

The European Bank for Reconstruction and Development (EBRD) projects growth in its region will slow as a result of gas supply problems that are feeding an energy crisis. The bank says growth will slow to 2.3% in 2022 in its region and 3% in 2023.

BRUEGEL: National policies to shield consumers from rising energy prices

Giovanni Sgaravatti for Bruegel, Simone Tagliapietra for Bruegel, Georg Zachmann for Bruegel September 26, 2022

The current increase in wholesale energy prices in Europe has prompted governments to try to shield consumers from the direct impact of an energy crisis that is sweeping the Continent and the rising prices that are costing hundreds of billions.

ING: Eurozone PMI suggests the region may already be in recession

Bert Colijn Senior Economist Eurozone for ING September 26, 2022

The third decline in a row for the eurozone PMI indicates that business activity has been contracting throughout the quarter. This confirms our view that a recession could have already started.

VISEGRAD BLOG: Orban prepares to surf the populist wave again

Robert Anderson in Prague September 25, 2022

But the Hungarian strongman may struggle both to exploit the cost of living crisis and to unite Europe's resurgent radical right, particularly if the Russian-Ukraine war grinds on.

Hungary to launch national consultation on EU sanctions against Russia

Tamas Csonka in Budapest September 23, 2022

Viktor Orban’s latest move is another way of shifting the blame for economic woes following a procyclical and expansive fiscal policy in recent years.

EC proposes suspending two thirds of Hungary's cohesion funds

Tamas Csonka in Budapest September 19, 2022

Hungary could become the first EU country to lose significant EU funds under the bloc's new Conditionality Mechanism.

European Parliament report names Hungary as 'hybrid regime of electoral autocracy'

Tamas Csonka in Budapest September 16, 2022

The report puts pressure on the European Commission not to compromise with Viktor Orban's radical rightwing regime by releasing currently frozen RRF and Cohesion Funds.

Nuclear power's share dropped to record low in OECD, but solar jumped to record highs thanks to hot summer

bne IntelliNews September 16, 2022

Germany’s decision to take its nuclear power plants offline, coupled with production problems with France’s NPPs, saw the share of nuclear power in the OECD countries year to date fall to its lowest level ever, but solar boomed.

European Commission to decide in days on cutting funds to Hungary

Tamas Csonka in Budapest September 15, 2022

Forint falls after reports that Brussels is set to cut Hungary's budget funding because of continuing failure to tackle corruption and make procurement more transparent.

Hungary’s automotive industry shifts to higher gear in July

bne IntelliNews September 15, 2022

Industrial production growth confirmed at 4%, and 6.6% according to workday-adjusted figures.

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