POSTED: November 11th 2016

Budapest 2024 receives boost as Hungarian economy is confirmed to be strong

MARISSA FLANDERS (USA) / Sports Features Communications

(SFC) Budapest 2024 has received a significant boost as Hungary's economy was confirmed to be growing stronger by rating agency, Moody's who upgraded the country's economic status.

Based on their long-term government bonds being "stable, growth-friendly policy environment," Hungary was upgraded to Moody's second highest investment tier. The agency's report cites that structural economic improvements and declining government debt will "help positive growth rates of 2-2.5% in coming years," and "significant reduction in external vulnerability."

In addition, the National Bank of Hungary was upgraded by Moody's as it has a "stable" outlook. Moody's report follows Standard and Poor's and Fitch Ratings also upgrading Hungary's status, giving Hungary a vote of confidence by each of the world's Big Three credit assessors.

This news comes just as Budapest 2024 is sending a senior delegation to the Association of National Olympic Committees (ANOC) General Assembly. The delegation is set to present Budapest's master plan as the 'Right-Sized' host city. The plan perfectly aligns with the International Olympic Committee's (IOC's) Olympic Agenda 2020 reforms.

The Olympic Games are expected to further strengthen Hungarian and regional economies, while the lead-up will provide positive economic conditions. If awarded the hosting rights, the Games could create around 100,000 new jobs.

"An economy that is strengthening at a sustainable and steady pace equals a fiscally secure Olympic Games," expressed Budapest 2024 Bid Chairman, Balázs Fürjes.

Chairman Fürjes added, "The bedrock of a resilient and stable economy, now confirmed by the world's most influential credit rating organizations, means that we can ensure that the Budapest Games is financially sustainable in line with the IOC's Agenda 2020. We can make this pledge because we have a long-term vision for the Games that is integrated into robust and well-established national economic development. Our business ecosystem offers a low-cost base, with all the advantages of relatively affordable production costs alongside all the security of a low-risk environment."

The Budapest bid will be "highly accessible," to visitors and is described as a "lower-cost, higher-value Central European hub."

Chairman Fürjes concluded, "This confirms to the world what we knew - that Hungary has the imagination and also the resources, the financial planning and the management experience and expertise to deliver on our bid's commitment to plan and host an outstanding yet affordable Games."

** MARISSA FLANDERS is a graduate of Saint Leo University with a Bachelor's Degree in Sport Business. She has over four years of writing experience and has a real passion for ice hockey following the Pittsburgh Penguins on her blog

Keywords · Budapest 2024 · Budapest · Hungary · Moody's · Olympics · Olympic bidding

For more information contact:
Laura Walden ()

All original materials contained in this section are protected by United States copyright law and may not be reproduced, distributed, transmitted, displayed, published or broadcast without the prior written permission of Sports Features Communications, Inc the owner of that content. It is prohibited to alter or remove any trademark, copyright or other notice from copies of the content.