Challenging environment in Hungary - historically low levels of private investment
All of us here in the GLXP family knows about the difficulties to run our projects. Here is just another point on some additional environmental constraints we are facing here in Hungary, cited from a recent press release of the IMF:
"The Hungarian economy continues to face a series of interconnected challenges related to high public and external indebtedness, strained bank balance sheets, weak confidence, and elevated risk perceptions. Amid a difficult external and domestic environment, real GDP is expected to contract in 2012 and recover modestly in 2013. Beyond the current cycle, historically low levels of private investment and labor participation cloud the growth outlook." (Emphasis by me.)
But remember J.F. Kennedy: "We choose to go to the moon, ....and do the other things ..., not because they are easy, but because they are hard,
The whole press release is available here.