EC sees Hungary economy contracting 7 pc in 2020

The European Commission forecasts a 7 percent slump in Hungary's economy this year followed by a 6 percent rebound in 2021. The novel coronavirus pandemic hit Hungary after years of above-average growth, the EC'S spring report released on Wednesday notes. Although the virus has spread only to a limited extent in Hungary, this year's economic performance would depend on domestic economic policy decisions, the EC said. The pandemic hit hardest the tourism and transport sectors, which make up half of the services sector in the country. The international recession may badly impact the Hungarian processing industry, despite relatively mild restrictions in the industrial sector, it added.