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Economy of Hungary
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Economy of Hungary
The
economy of
Hungary
is a medium-sized, high-income, structurally, politically and institutionally open economy in
Central Europe
, and is part of the
European Union
's (EU)
single market
. The economy of Hungary experienced market liberalization in the early 1990s as part of the transition from a
socialist economy
to a
market economy
, similarly to most countries in the former
Eastern Bloc
. Hungary is a member of the
Organisation for Economic Co-operation and Development (OECD)
since 1995, a member of the
World Trade Organization (WTO)
since 1996, and a member of the European Union since 2004.
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