OECD Economic Outlook, Volume 2022 Issue 1
The war in Ukraine is a major humanitarian crisis with associated economic shocks that threaten the post-pandemic recovery. The OECD Economic Outlook, Volume 2022 Issue 1, highlights the implications and risks for growth, inflation and living standards from higher commodity prices and potential disruptions to energy and food supplies, and discusses the associated policy challenges.
This issue includes a general assessment of the macro-economic situation and a chapter summarising developments and providing projections for each individual country. Coverage is provided for all OECD Members as well as for selected partner economies.
Hungary
GDP growth is projected to slow to 4% in 2022 and 2.5% in 2023. Domestic demand will be the main growth driver. The labour market is expected to remain tight, continuing to put upward pressure on real wages. Together with high food and energy prices, this will keep headline inflation elevated until the end of 2022. Thereafter, inflation is projected to recede slowly, reflecting a slowdown in domestic demand growth as fiscal and monetary policy tighten. A major risk is that a combination of stronger wage growth and continued high energy prices could further de-anchor inflation expectations.
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