Coming in from the cold: the Hungarian economy in the 20th century

Eva Ehrlich and Gabor Revesz
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Eva Ehrlich: Institute of World Economics, Centre for Economic and Regional Studies, Hungarian Academy of Sciences
Gabor Revesz: Institute of Economics, Centre for Economic and Regional Studies, Hungarian Academy of Sciences

No 109, IWE Working Papers from Institute for World Economics - Centre for Economic and Regional Studies

Abstract: Hungary had to pay an enormous price for returning to the European mainstream. The output of the economy (calculated in the size of the GDP) reached the level preceding the change of the system only in 1999, although with a significantly more modern make-up. During the last two decades of the 20th century, Hungary – much like the other East and Central European countries – must have missed a potential growth of some 40 or 50 per cent which, from a historical perspective, may be regarded as a loss due to the long period of disintegration. At the beginning and at the end of the century trends of modernization and integration were both present in Hungary. For the greater part of the 20th century, however, developments determined by political forces acted towards diverting the economy from the main trends in the Western world, and the country was breaking away rather than integrating.

Keywords: Hungary; economic policy; 20th century; GDP; modernization; integration; Western world; political development (search for similar items in EconPapers)
Pages: 17 pages
Date: 2000-06
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Persistent link: https://EconPapers.repec.org/RePEc:iwe:workpr:109

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