Hungary's fiscal deficits will remain elevated, resulting in a permanent rise of net government debt to about 80% of GDP in each of 2021-2023 from 63% in 2019. We believe the economic recovery will gain traction in mid-2021 with the only major risks to our forecast pertaining to delays in vaccination rollout and availability of EU funds over the medium term. We expect fiscal policy support from Hungarian authorities and the EU level will aid the economic recovery without incurring external imbalances. We are affirming our 'BBB/A-2' long- and short-term sovereign credit ratings on Hungary and maintaining the outlook at stable. On Feb. 12, 2021, S&P Global Ratings affirmed its 'BBB/A-2' long- and short-term foreign and local currency sovereign credit
