WOOD Flash – Hungary macro: challenging conditions keeping fiscal pressure high
The budget performance continues to be under pressure from sluggish growth, persisting underlying inflation and elevated risks premia, amid a tense political landscape. The highly charged election campaign has only amplified these pressures, with pre-election handouts that are set to keep fiscal consolidation on a loose trajectory next year. Against this backdrop, the EU’s exemption for defence-related spending has provided some leeway and allowed Hungary to exit the Excessive Debt Procedure (EDP) this year; however, the respite is likely only temporary, in our view, and the conditions for a relapse are likely to be in place next year.
WOOD & Company is the leading investment bank in Emerging Europe. Founded in 1991 and head-quartered in Prague, our footprint spans the region and touches investors around the globe.
A pioneer in Emerging Europe, WOOD executed many of the first CEE equity trades and landmark investment banking transactions. Our electronic trading platform was the first in the region, and remains the best. We are continually expanding our relevance and reach in these ever-evolving markets.
Our equity market share reflects our stature: 7% in Warsaw, 20% in Bucharest, 16% in Hungary, 40% in Prague and 5% in Vienna. Our distribution is unparalleled, with the largest salesforce in the region, servicing a uniquely diverse investor base.
We couple local expertise with a truly international perspective. With offices on the ground in the region, and in key financial hubs such as London and Milano, we are never far from our clients and we remain at the forefront of what’s afoot in the CEE emerging and frontier landscape.
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