VOL. 31. NUMBER 5 | MARCH 10 – MARCH 23, 2023
HUF 2,100 | EUR 5 | USD 6 | GBP 4
HUNGARY’S PRACTICAL BUSINESS BI-WEEKLY SINCE 1992 | WWW.BUDAPESTBUSINESSJOURNAL.COM
SPECIAL REPORT INSIDE THIS ISSUE
Banking Strains Grow, but Banks Will Weather the Storm Rising inflation, the energy crisis, interest rate freezes, and extra taxes have increased the strain on banks operating in Hungary. While their situation has become more complicated, they are liquid enough to withstand even more severe economic circumstances. 15 CHINA COUNTRY FOCUS
Chinese Business Etiquette As someone who has taught intercultural behavior to Westerners planning to work with Chinese partners, Csaba Wolf, vice president of ChinaCham, says the pitfalls are many and varied. 12
Industrial Reboot
SOCIALITE
Hungarian Food Bank’s Work More Vital Than Ever
Hungary is suffering a record increase in food prices of around 50%. Inevitably, this is hitting the most vulnerable hardest. Against this backdrop, the work of the Hungarian Food Bank Association has become even more critical. 22
NEWS
Inflation may Have Peaked in January The latest inflation data from the Central Statistical Office confirms the preliminary expectations of analysts that inflation in Hungary may have peaked in January. A more notable drop, however, is only expected in the second half of the year. 3
SPECIAL REPORT
Adrienn Berta, the deputy CEO of Exim Hungary responsible for business operations, talks us through the rationale behind the Baross
Gábor Reindustrialization Credit Program to support companies. 16 BUSINESS
More Inclusivity, Fewer ‘Lonely Heroes’ Needed Among Execs
Groundbreaking research by Corvinus University aims to fill a gap in the Hungarian literature on management and provide insights for practitioners and policymakers. One of the main findings is that Hungarian execs tend to work as lonely heroes rather than team players. 8