Having consistently outperformed average growth in the European Union (EU) by 2-3 percent for almost a decade, there are signs that the Hungarian economy could be one of the first in the bloc to bounce back from COVID-19.
In the third quarter of 2020, its gross domestic product (GDP) leapt up 11.4 percent, recovering much of the loss incurred in its locked-down second quarter and leading many to predict full economic recovery by the end of this year or mid- 2022 at the latest.
Prior to the COVID-19 outbreak and subsequent series of stringent lock- downs, Portugal’s resilient and fast-growing economy had been perform- ing exceptionally well. This success was illustrated by the first government surplus in more than four decades and the record amount of foreign direct investment (FDI) that had flowed into scores of major projects, especially in the lucrative real estate and tourism sectors.
With the financial and social shockwaves triggered by the pandemic continuing to reverberate across the majority of leading economies, Portugal has—like many other countries—allocated significant sums of money on initiatives to protect people’s livelihoods via job retention programs.
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