National Bank of Hungary predicts stagflation

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The National Bank of Hungary on June 28 published its quarterly inflation report, which paints a bleak picture of declining growth and high inflation in 2012.

The central bank expects Hungarian GDP to contract by 0.8% in 2012. This is in part due to the "unfavourable impact" of the eurozone crisis, the central bank said. Other challenges mentioned were: "High unemployment, falling real incomes and tight credit conditions and the government's deficit-reducing measures."

The central bank also

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