【Hungary】 european migrant crisis hungarys new laws to stop refugees crossing

Economy
Main article: Economy of Hungary is part of the European Union's internal market with 508 million consumers and part of Schengen Area.Hungary's Export Treemap from Harvard Economic Complexity Observatory
Hungary is an OECD high-income mixed economy with very high human development index and skilled labour force with the 16th lowest income inequality in the world, furthermore it is the 15th most complex economy according to the Economic Complexity Index.The Hungarian is the 57th-largest economy in the world (out of 188 countries measured by IMF) with $265.037 billion output,and ranks 49th in the world in terms of GDP per capita measured by purchasing power parity. Hungary is an export-oriented market economy with a heavy emphasis on foreign trade, thus the country is the 36th largest export economy in the world. The country has more than $100 billion export in 2015 with high, $9.003 billion trade surplus, of which 79% went to the EU and 21% was extra-EU trade.Hungary has a more than 80% privately owned economy with 39,1% overall taxation, which provides the basis for the country's welfare economy. On the expenditure side, household consumption is the main component of GDP and accounts for 50 percent of its total use, followed by gross fixed capital formation with 22 percent and government expenditure with 20 percent. Hungary continues to be one of the leading nations for attracting foreign direct investment in Central and Eastern Europe, the inward FDI in the country was $119.8 billion in 2015, while Hungary invests more than $50 billion abroad.As of 2015, the key trading partners of Hungary were Germany, Austria, Romania, Slovakia, France, Italy, Poland and Czech Republic.Major industries include food processing, pharmaceuticals, motor vehicles, information technology, chemicals, metallurgy, machinery, electrical goods, and tourism (in 2014 Hungary welcomed 12.1 million international tourists).Hungary is the largest electronics producer in Central and Eastern Europe. Electronics manufacturing and research are among the main drivers of innovation and economic growth in the country. In the past 20 years Hungary has also grown into a major center for mobile technology, information security, and related hardware research.The employment rate in the economy was 68.3% in 2017, the employment structure shows the characteristics of post-industrial economies, 63.2% of employed workforce work in service sector, the industry contributed by 29.7%, while agriculture with 7.1%. Unemployment rate was 4.1% in 2017 September,down from 11% during the financial crisis of 2007–08. Hungary is part of the European single market which represents more than 508 million consumers. Several domestic commercial policies are determined by agreements among European Union members and by EU legislation.Large Hungarian companies are included in the BUX, the Hungarian stock market index listed on Budapest Stock Exchange. Well-known companies include the Fortune Global 500 firm MOL Group, the OTP Bank, Gedeon Richter Plc., Magyar Telekom, CIG Pannonia, FHB Bank, Zwack Unicum and more.[161] Besides this Hungary has a large portion of specialised small and medium enterprise, for example a significant number of automotive suppliers and technology start ups among others.

Budapest is the financial and business capital of Hungary. The capital is a significant economic hub, classified as an Alpha - world city in the study by the Globalization and World Cities Research Network and it is the second fastest-developing urban economy in Europe as GDP per capita in the city increased by 2.4 per cent and employment by 4.7 per cent compared to the previous year in 2014.On the national level, Budapest is the primate city of Hungary regarding business and economy, accounting for 39% of the national income, the city has a gross metropolitan product more than $100 billion in 2015, making it one of the largest regional economies in the European Union.Budapest is also among the Top 100 GDP performing cities in the world, measured by PricewaterhouseCoopers and in a global city competitiveness ranking by EIU, Budapest stands before Tel Aviv, Lisbon, Moscow and Johannesburg among others.Furthermore, Hungary's corporate tax rate is only 9%, which is relatively low for EU states.

Hungary maintains its own currency, the Hungarian forint (HUF), although the economy fulfills the Maastricht criteria with the exception of public debt, but it is also significantly below the EU average with the level of 75.3% in 2015. The Hungarian National Bank—founded in 1924, after the dissolution of Austro-Hungarian Empire—is currently focusing on price stability with an inflation target of 3%.