Hungary’s Economy

The economy of Hungary is a medium-sized, high-income,^[17] structurally, politically and institutionally open economy in Central Europe, and is part of the European Union's (EU) single market. The economy of Hungary experienced market liberalization in the early 1990s as part of the transition from a socialist economy to a market economy, similarly to most countries in the former Eastern Bloc. Hungary is a member of the Organisation for Economic Co-operation and Development (OECD) since 1995,^[18] a member of the World Trade Organization (WTO) since 1996,^[19] and a member of the European Union since 2004.^[20]

 

The private sector accounts for more than 80% of the Hungarian gross domestic product (GDP). Foreign ownership of and investment in Hungarian firms are widespread, with cumulative foreign direct investment worth more than $70 billion. Hungary's main industries are mining, metallurgy, construction materials, processed foods, textiles, chemicals (especially pharmaceuticals), and motor vehicles. Hungary's main agricultural products are wheat, corn, sunflower seed, potatoes, sugar beets; pigs, cattle, poultry, and dairy products.^[21]

 

In 2014, Hungary’s population was 10 million, their GDP was $241 billion, 80% of their economy is private sector, exports were $93 billion, imports were $89.5 billion, federal debt was 76.9% of GDP.  Hungary is 36,000 square miles, about the size of Indiana.  Government collected $62 billion and spent $66 billion a year. Credit rating is BB+. Per capita GDP is about $12,000 per year.

 

https://en.wikipedia.org/wiki/Economy_of_Hungary

In Hungary, the Jobless Go to Labor Camp, by Carol Matlack and András Gergely September 08, 2011

Wielding scythes and pitchforks, about 30 men and women hack through brambles on a hillside above the Hungarian village of Gyöngyöspata. With the nearest road more than a half mile away, workers have to hike in with food and water for the day. For bathroom and lunch breaks, they duck into a thicket that offers the only shade in the 98F heat. “It’s degrading to work in these conditions,” says Károly Lakatos, a 38-year-old father of three who was laid off earlier this year from his forklift-operator job in an auto parts factory. When his unemployment benefits ran out, the government assigned him to a brigade clearing land owned by the village.

Comments

 

Hungary is all business.  No “bleeding hearts” there. Hungary is building a fence to keep Muslim refugees out.

If Hungary could balance its budget and begin lowering their federal government debt back from 76.9%, they could lead the way for EU countries to strengthen their balance sheets and prepare for less credit as Europe slumps into recession.

In perspective, the “labor camp” work some Hungarians are complaining about is the same work Americans regarded as their “American Dream” as they became farmers.

 

Norb Leahy, Dunwoody GA Tea Party Leader