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Hungary

Hungary, officially in English the Republic of Hungary, is a landlocked country in Central Europe, bordered by Austria, Slovakia, Ukraine, Romania, Serbia, Croatia, and Slovenia.

Economy

free smsHungary continues to demonstrate economic growth as one of the newest member countries of the European Union (since 2004). The private sector accounts for over 80% of GDP. Hungary gets nearly one third of all foreign direct investment flowing in to Central Europe. Foreign ownership of and investment in Hungarian firms are widespread, with cumulative foreign direct investment totalling more than US$23 billion since 1989. The Hungarian sovereign debt's credit rating is BBB+ as of July 2006, making Hungary the only other country in the EU apart from Poland not to enjoy an A grade score. Inflation and unemployment have been on the rise in the past few years, and they are expected to rise further. Foreign investors' trust in the Hungarian Economy has declined, as they deem that the stringency measures planned in the 2nd half of 2006 are not satisfactory, their focus being mainly on increasing the income side rather than curbing government spendings. Economic reform measures such as health care reform, tax reform, and local government financing are being addressed by the present government.

The Hungarian government has expressed a desire to adopt the euro currency in 2010. However, foreign analysts widely criticised that date as highly unrealistic given the current shape of the economy in relation to the Maastricht criteria; their assessments suggest that a date of 2013-2014 for Euro adoption is more realistic. Some analysts even go as far as to suggest that Romania and Bulgaria, who joined the EU in 2007, might beat Hungary to euro adoption.

Geography

Approximately a bit more than one half of Hungary's landscape consists mostly of flat to rolling plains of the Carpathian Basin: the most important plain regions include the Little Hungarian Plain in the west, and the Great Hungarian Plain in the southeast. The highest elevation above sea level on the latter is only 183 metres.

hungary map free mobile phone smsTransdanubia is a primarily hilly region with a terrain varied by low mountains. These include the very eastern stretch of the Alps, Alpokalja, in the west of the country, the Transdanubian Medium Mountains, in the cental region of Transdanubia, and the Mecsek Mountains and Villany Mountains in the south. The highest point of the area is the Irott-ko in the Alps, at 882 metres.

The highest mountains of the country are located in the Carpathians: these lie in the northern parts, in a wide band along the Slovakian border.

Hungary is divided in two by its main waterway, the Danube other large rivers include the Tisza and Drava, while Transdanubia contains Lake Balaton, a major body of water. The largest thermal lake in the world, Lake Heviz, is located in Hungary. The second largest lake in the Carpathian Basin is the artificial Lake Tisza.

 

 

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