Located in Central Europe, Hungary shares its borders with eight countries, including Austria, Romania and Ukraine. Hungary is landlocked and has a temperate climate with mostly flat or rolling plains. Hungary played an important part in accelerating the collapse of Communism and embracing the free market. The country was admitted to NATO in 1999 and has accepted a formal invitation to join the E.U. in December 2010.
The Hungarian economy continues to demonstrate growth, and concerns about inflation and unemployment have declined substantially. Major industries include mining, agriculture, textiles, chemicals (especially pharmaceuticals), and motor vehicles. A fairly industrialized economy, Hungary exports primarily machinery and equipment (51.6%) and other manufactured products (35.3%). Although the government has ambitious budget targets, strong private consumption growth is likely to keep real GDP growth strong.
CDC operates inВ Hungary through the Trading Regionally and Developing Expertise (TRADE) project in Central and Eastern Europe (CEE), a cross-border initiative funded by USAID to promote economic development in the region. With a highly skilled and trained consulting industry throughout the region, companies are better equipped to serve the broader base of local small and medium sized enterprise sectors in their regions. TRADE assists in this process by creating a network of consulting organizations that work with each other and similar networks in other countries that encourage cross-border collaboration and the exchange of ideas and resources.