Hungarian Economic Development Prospects – in the Light of the One Belt and One Road Initiative

Abstract

This paper attempts to delineate the most important aspects of the historical Hungarian economic development path, while shedding light on long-term Chinese investment and trade opportunities in Hungary. In order to make the One Belt and One Road Initiative a success, China needs proper knowledge of the Central European countries’ long-term development needs and goals. This analysis delivers a first assessment of the basic long-term questions of Hungarian economic development. The paper reviews milestones of economic progress after 1990 until the present, and shortly looks into the effects of the economic transformation of the 90s, and the main repercussions of the Global Financial Crisis (2008-2009). At the end of the paper a short glimpse is given on how the Hungarian economy could develop, and what are the possible development models to be utilized by Hungarian decision-makers. At the same time, it will be clear where Hungarian and Chinese need can intersect each other.

Keywords

• China
• Hungary
• trade
• investment
• economic development model