March 7th, 2013

PwC poll of CEO say lack of confidence, predictability biggest hobbling Hungarian economy

A lack of confidence and predictability is the most serious problem for Hungary’s economy, the heads of large firms said in a survey conducted by PricewaterhouseCoopers, released on Wednesday.

Sixty percent of the 171 general managers surveyed said that their firms, mostly making export products, could grow this year, though only 5 percent predicted a growth of the national economy, Tamas Locsei, a senior consultant for PwC, said.

Eighty four percent of the respondents voiced concern about the government’s measures and macroeconomic problems, while 80 percent said the core problem lay in the unpredictable nature of economic growth. Seventy-one percent also named growing taxation as a grave issue.

According to participants in the survey, the government is expected to provide a trained workforce, stability of the banking system, as well as efforts to fight poverty and close gaps in society.

Respondents selected Germany as their number one business partner, while Romania and China came in second and third.

Out of the participants 111 were heads of international companies and 30 of German firms.

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