Sun, 8 November 2009
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Finance & Business
Financial crisis leaves euro with new popularity
Crisis-hit Hungary: the worst is yet to come
The economic crisis is spreading through Hungary from the financial sector to manufacturing industries and services.Budapest -- In Hungary, one of the countries hardest hit by the global financial crisis, most believe that the worst is yet to come, with the economy struggling and facing more pain from severe austerity measures.
"I really don't know how we will survive the crisis," said Levente Benedekfi, a construction company owner who told AFP his business has suffered terribly since the crisis hit in late 2008.
In 2008, the number of new apartments sold was half the 2007 figure, official figures show, and the outlook remains grim for 2009.
In Budapest alone, between 2,000 and 2,500 new sales are expected in 2009, compared to 2008’s already low figure of 7,000.
"While we usually sell between 10 and 15 apartments a month, we have sold altogether two flats in the last nine months," said Benedekfi, who now has 480 empty apartments.
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