Hungary has been buoyed by a raft of good news over the past few months. Q1 GDP data showed that the economy exited recession, the budget deficit has narrowed to the extent that the European Commission lifted the country out of its excessive deficit procedure, and the local financial markets withstood the recent sell-off in emerging market assets relatively unscathed. In this Watch, we explain why the worst may well be behind Hungary although significant tail risks remain.
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