{
  "title": "Hungary: Staff Report for the 2015 Article IV Consultation",
  "publication": "IMF Staff Country Reports, April 3, 2015",
  "sourceUrl": "https://www.imf.org/en/publications/cr/issues/2016/12/31/hungary-staff-report-for-the-2015-article-iv-consultation-42828",
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  "summary": "This 2015 Article IV Consultation highlights that the Hungarian economy is growing at a strong pace helped by accommodative macroeconomic policies and improved market sentiment. Driven by strong domestic demand, output grew by 3.6 percent in 2014.",
  "sections": [
    {
      "heading": "Economic growth and demand",
      "content": "- The Hungarian economy \"is growing at a strong pace\" supported by accommodative macroeconomic policies and improved market sentiment.\n- Output grew by 3.6 percent in 2014, driven by strong domestic demand.\n- Going forward, output growth is projected to decelerate to 2.75 percent in 2015, attributed to a smaller domestic-demand impetus owing to a less-supportive fiscal stance and lower investment growth."
    },
    {
      "heading": "Labor market",
      "content": "- Unemployment \"declined sharply,\" reflecting the expansion of public works programs and job creation in the private sector."
    },
    {
      "heading": "Inflation dynamics and expectations",
      "content": "- Headline and core inflation \"decelerated sharply.\"\n- Inflation expectations \"fell below the National Bank of Hungary’s inflation target.\""
    },
    {
      "heading": "Macroeconomic stance and risks",
      "content": "- The macroeconomic environment during the assessment combined accommodative policies with improved market sentiment.\n- The projected deceleration in 2015 is linked explicitly to a less-supportive fiscal stance and lower investment growth."
    },
    {
      "heading": "Metadata and classification",
      "content": "- Subject: Banking; Commercial banks; Expenditure; Financial institutions; Financial statements; Inflation; Loans; Prices; Public debt; Public financial management (PFM)\n- Keywords: CR; credit rating; Financial statements; Global; headline inflation; Inflation; inflation expectation; ISCR; liability positions vis-à-vis nonresident; Loans; short-term foreign currency; sovereign credit ratings; staff appraisal; Standard and Poor's; target\n- Publication details: Pages: 65; Volume: 2015; Issue: 092; Series: Country Report No. 2015/092; DOI: https://doi.org/10.5089/9781475546293.002; Stock No: 1HUNEA2015001; ISBN: 9781475546293; ISSN: 1934-7685\n- Publication date on landing page: April 3, 2015\n\nHungary: Staff Report for the 2015 Article IV Consultation (IMF Staff Country Reports 2015, 092).\n\n---\n\n Content in this bundle\n\n- cr1592\n  - cr1592 (Markdown version){rel=\"alternate\" type=\"text/markdown\"}\n  - cr1592 (PDF){rel=\"external\" type=\"application/pdf\"}"
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    "Published: April 3, 2015",
    "Series: IMF Staff Country Reports",
    "DOI: https://doi.org/10.5089/9781475546293.002",
    "The Hungarian economy \"is growing at a strong pace\" supported by accommodative macroeconomic policies and improved market sentiment.",
    "Output grew by 3.6 percent in 2014, driven by strong domestic demand.",
    "Going forward, output growth is projected to decelerate to 2.75 percent in 2015, attributed to a smaller domestic-demand impetus owing to a less-supportive fiscal stance and lower investment growth.",
    "Unemployment \"declined sharply,\" reflecting the expansion of public works programs and job creation in the private sector.",
    "Headline and core inflation \"decelerated sharply.\"",
    "The macroeconomic environment during the assessment combined accommodative policies with improved market sentiment.",
    "The projected deceleration in 2015 is linked explicitly to a less-supportive fiscal stance and lower investment growth.",
    "Subject: Banking; Commercial banks; Expenditure; Financial institutions; Financial statements; Inflation; Loans; Prices; Public debt; Public financial management (PFM)",
    "Keywords: CR; credit rating; Financial statements; Global; headline inflation; Inflation; inflation expectation; ISCR; liability positions vis-à-vis nonresident; Loans; short-term foreign currency; sovereign credit ratings; staff appraisal; Standard and Poor's; target",
    "Publication details: Pages: 65; Volume: 2015; Issue: 092; Series: Country Report No. 2015/092; DOI: https://doi.org/10.5089/9781475546293.002; Stock No: 1HUNEA2015001; ISBN: 9781475546293; ISSN: 1934-7685",
    "Publication date on landing page: April 3, 2015",
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