Hungary was part of the Austro-Hungarian Empire, which collapsed during World War I. The country fell under Communist rule following World War II. In 1956, a revolt and an announced withdrawal from the Warsaw Pact were met with a massive military intervention by Moscow.
Under the leadership of Janos Kadar in 1968, Hungary began liberalizing its economy, introducing so-called ‘Goulash Communism.' Hungary held its first multiparty elections in 1990, and initiated a free market economy.
It joined NATO in 1999 and the EU in 2004.
Hungary is strategically located astride main land routes between Western Europe and the Balkan Peninsula as well as between Ukraine and Mediterranean basin.
Facts and Figures
National Name
:
Republic of Hungary / Hungary / Magyarorszag
Size
:
93,030
sq km
Population
:
10,006, 835
Capital
:
Budapest
Largest Cities
:
Sopron, Pecs, Debrecen
Main Religion
:
Roman Catholic
Monetary Unit
:
Forint
Climate
:
Temperate
Economy
Hungary has made the transition from a centrally planned to a market economy, with a per capita income one-half that of the Big Four European nations. Hungary continues to demonstrate strong economic growth and acceded to the European Union in May 2004.
The private sector accounts for over 80% of GDP. Foreign ownership of and investment in Hungarian firms are widespread, with cumulative foreign direct investment totaling more than $23 billion since 1989. Hungarian sovereign debt was upgraded in 2000 and, together with the Czech Republic, holds the highest rating among the Central European transition economies.
However, ratings agencies have expressed concern over Hungary's unsustainable budget and current account deficits. Inflation has declined from 14% in 1998 to 7% in 2004. Unemployment has persisted around the 6% level, but Hungary's labor force participation rate of 57% is one of the lowest in the OECD. Germany is by far Hungary's largest economic partner. Policy challenges include cutting the public sector deficit to 3% of GDP by 2008, (about 5% in 2004), and orchestrating an orderly interest rate reduction without sparking capital outflows.
Industries
Mining, metallurgy, construction materials, processed foods, textiles, chemicals (especially pharmaceuticals), motor vehicles.
Telecommunications Infrastructure
The telephone system has been modernized and is capable of satisfying all requests for telecommunication service.
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