economic and political development of hungary international open seminar, vuzf university 30/11/2012
TRANSCRIPT
![Page 1: Economic and Political Development of Hungary International Open Seminar, VUZF University 30/11/2012](https://reader035.vdocuments.us/reader035/viewer/2022062716/56649dbd5503460f94ab069a/html5/thumbnails/1.jpg)
Economic and Political Development of Economic and Political Development of
HungaryHungary
International Open Seminar, VUZF UniversityInternational Open Seminar, VUZF University
30/11/201230/11/2012
![Page 2: Economic and Political Development of Hungary International Open Seminar, VUZF University 30/11/2012](https://reader035.vdocuments.us/reader035/viewer/2022062716/56649dbd5503460f94ab069a/html5/thumbnails/2.jpg)
“A nyavalya lóháton jön, gyalog megy el”
=
"Misfortune comes on horseback and goes away on foot.”
![Page 3: Economic and Political Development of Hungary International Open Seminar, VUZF University 30/11/2012](https://reader035.vdocuments.us/reader035/viewer/2022062716/56649dbd5503460f94ab069a/html5/thumbnails/3.jpg)
Population: 9,979,000Population: 9,979,000
Capital: BudapestCapital: Budapest
Political System: Political System: Parliamentary RepublicParliamentary Republic
Member of NATO,OECD,EU and IMFMember of NATO,OECD,EU and IMF
EU member since 2004EU member since 2004
Still not a EUROZONE memberStill not a EUROZONE member
Country overview Country overview
![Page 4: Economic and Political Development of Hungary International Open Seminar, VUZF University 30/11/2012](https://reader035.vdocuments.us/reader035/viewer/2022062716/56649dbd5503460f94ab069a/html5/thumbnails/4.jpg)
History of the History of the Hungarian economyHungarian economy
- 1990-1992 GDP drops by 20%- 1992 unemployment rate - 12.2% - Inflation rate – up to 35%- 1989-1993 Prices rose to 162% - FDI
![Page 5: Economic and Political Development of Hungary International Open Seminar, VUZF University 30/11/2012](https://reader035.vdocuments.us/reader035/viewer/2022062716/56649dbd5503460f94ab069a/html5/thumbnails/5.jpg)
Hungary`s economy since 2000Hungary`s economy since 2000
- FDI increasedFDI increased- Unemployment rate Unemployment rate - GDP rose by 3.3%GDP rose by 3.3%- GDP per capitaGDP per capita- InflationInflation
![Page 6: Economic and Political Development of Hungary International Open Seminar, VUZF University 30/11/2012](https://reader035.vdocuments.us/reader035/viewer/2022062716/56649dbd5503460f94ab069a/html5/thumbnails/6.jpg)
Financial crisis Financial crisis ((2008-092008-09))
Hungary faces one of the worst economic contractions in its history.
◦Negative GDP Growth in 2009 (-6.5%)
◦High inflation
![Page 7: Economic and Political Development of Hungary International Open Seminar, VUZF University 30/11/2012](https://reader035.vdocuments.us/reader035/viewer/2022062716/56649dbd5503460f94ab069a/html5/thumbnails/7.jpg)
Current EconomyCurrent Economy
Source: Source: Hungarian Central Statistical Office.
![Page 8: Economic and Political Development of Hungary International Open Seminar, VUZF University 30/11/2012](https://reader035.vdocuments.us/reader035/viewer/2022062716/56649dbd5503460f94ab069a/html5/thumbnails/8.jpg)
New Government ApproachNew Government Approach in 2010 in 2010
Viktor Orban, Hungarian PM
• Nationalising $13 billion of private pension-fund assets
• Hungarian banks - forced to allow conversion
• New media and central bank laws
• Signs of Recovery –
at a big expense
![Page 9: Economic and Political Development of Hungary International Open Seminar, VUZF University 30/11/2012](https://reader035.vdocuments.us/reader035/viewer/2022062716/56649dbd5503460f94ab069a/html5/thumbnails/9.jpg)