The European Bank for Reconstruction and Development (EBRD) has adopted a new strategy to support the strengthening of Hungary's economy and institutions as the country approaches EU accession.
In its analysis, the bank notes that Hungary's economy has withstood the global slowdown remarkably well, with growth rates of 3.7% in 2001 and 3.3% in 2002. However, recent macroeconomic developments, such as a large fiscal expansion, show that transition, though considerably advanced, is not yet over in Hungary. The bank said that it can continue to make an important contribution to transition and will focus in particular on five key priorities in the future.
1. The completion of the privatisation process, with a particular focus on transactions leading to the restructuring of enterprises or to capital market deepening. The EBRD will support the further liberalisation and opening of the electricity, gas and telecommunications markets.
