Hungary’s economy will soar next year, says finance minister

Hungary’s GDP growth could climb over 4 percent next year, thanks to measures bolstering stability in economy, Finance Minister Mihály Varga said at an event organised by governing alliance partner KDNP and the National Forum Association in Lakitelek, in the southeast of the country, on Saturday.

In a statement issued by his ministry, Varga said the “harmful effect of sanctions” is showing up in Hungary’s assessment by rating agencies, but noted that the country’s sovereign rating is still two notches higher than it was at the start of the last decade.

Rating agency S+P Global downgraded Hungary to BBB- on Friday, one notch over the investment grade threshold. We wrote about it in detail HERE. All of the big three rating agencies put Hungary’s sovereign rating in the investment grade category.