Next year, the Hungarian economy is expected to perform to its pre-Coronavirus level again
– Standing in the Moody’s Investors Service Country Report filed in London on Friday.
In its 9-page study, the International Credit Rating Agency clarified that its positive outlook on the “Baa3” rating of Hungarian sovereign debt reflects the strong performance of the Hungarian economy compared to similarly ranked sovereign debtors, and the company expects this to continue. To be so.
Although the process of strong economic growth and reduction of public debt has inevitably stopped due to the Coronavirus crisis, the epidemic has so far had only a limited impact on the main Hungarian debtor file, according to Moody’s estimates. The company said:
It expects the improvements in fiscal and debt ratios that have characterized the past five years to resume this year.
Last week, Fitch Ratings and Standard & Poor’s also ranked the state of the Hungarian economy when they conducted their first review this year. Fitch left the Hungarian debt rating unchanged at the previous level of BBB with a stable outlook. The company says the rating so far strikes a good balance between strong economic growth and a debt ratio above average. According to the company’s experts, after the crisis, the debt ratio may start to decline again, starting from 2021.
S&P also left the Hungarian rating unchanged at a similar level with a stable outlook. Standard & Poor’s highlighted that the economy may return to growth from the middle of the year, but compared to the baseline scenario, the slowdown in the pace of vaccines and the potentially irregular use of EU funds pose a risk.
Cover photo: Getty Images
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