Macroeconomic Forecast Hungary

According to latest data from the Central Statistical Office, official unemployment came in at 11.8% in April, unchanged from March though well above the 9.9% rate of joblessness posted in the same month last year. With firms throughout the country unlikely to restart hiring workers until the economy's recovery is in full swing, which we stress in unlikely to occur before 2011 at the earliest, we expect unemployment to continue trending higher over the coming months. We maintain our end-2010 unemployment forecast of 12.0% accordingly.

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