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Hungary: 2025 Article IV Consultation-Press Release; Staff Report; and Statement by the Executive Director for Hungary

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  • International Monetary Fund

Abstract

The 2025 Article IV Consultation discusses that the Hungarian economy is at a challenging juncture with stagnant output over the past three years and inflation above target. A modest recovery is expected with significant risks to the downside including a delay in needed fiscal adjustment and deepening geo-economic fragmentation. In order to strengthen macroeconomic resilience and revitalize growth, it is essential to rebuild fiscal buffers, sustain a tight monetary stance into next year, and implement structural reforms to bolster competitiveness, energy security and productivity. The monetary policy stance will need to remain tight into next year to durably return inflation to target. Priorities include fostering firm dynamism by eliminating barriers to factor mobility, including through a more cautious and targeted application of state aid, strengthening access to risk capital especially for young, high-growth firms, enhancing energy security to bolster economic competitiveness, and making further progress on governance reforms to promote a predictable business environment and unlock access to EU funds.

Suggested Citation

  • International Monetary Fund, 2025. "Hungary: 2025 Article IV Consultation-Press Release; Staff Report; and Statement by the Executive Director for Hungary," IMF Staff Country Reports 2025/250, International Monetary Fund.
    • Handle: RePEc:imf:imfscr:2025/250
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