Hungary Sharply Cuts Growth Forecast as Pre-Election Woes Mount

Hungary’s government sharply reduced its growth forecast, underscoring the mounting economic challenges facing Prime Minister Viktor Orban before the toughest election since his return to power.

Gross domestic product may grow 1% this year compared with a revised 2.5% estimate and an initial 3.4% forecast, Economy Minister Marton Nagy told reporters on Tuesday. Next year, the economy may expand 3.1%, down from a 4.1% estimate.