143rd mBank - CASE Seminar: Economic policy and macroeconomic developments in Hungary
mBank and CASE – Center for Social and Economic Research cordially invite
143rd mBank – CASE Seminar
Economic policy and macroeconomic developments in Hungary
The recent past and factors affecting medium-term prospects
17 March 2016, 15:00
mBank S.A. head office, Senatorska 18, room 5.3, 5th floor, Warsaw
Gabor Oblath, senior research fellow at the Institute of Economics,of the Hungarian Academy of Sciences; member of the Monetary Council in 2002-2009; member of the Fiscal Council of Hungary in 2009 – 2010
Following a prolonged period of economic decline and stagnation, Hungary’s GDP-growth accelerated to 3.7% in 2014 and was close to 3% in 2015. The reasons for the country’s economic performance over the last six years are only partly related to economic policies pursued since 2010. Deleveraging (the decrease in excessive debt both at the macroeconomic and microeconomic level) had a strong negative impact on Hungary’s growth performance. However, the acceleration in 2014 is also mainly due to “exogenous” factors, in particular, the exceptionally large transfers from EU-funds, which have nothing to do with the government’s so called “unorthodox” economic policy. The deteriorating institutional environment of the economy, in turn, is a direct consequence of this policy. Without fundamental improvements in the institutional environment and the stability/predictability of economic policy, the country’s potential growth is expected to be rather low, implying a very slow convergence to the more affluent nations of the European Union.
The seminar will be held in English and Polish.
There is no conference fee and the seminar is open to the public.
The seminar will be broadcasted online on bankier.TV