Hungary has succeeded in transforming its centrally planned economy into a market economy. Both foreign ownership of and foreign investment in Hungarian firms are widespread. Hungary needs to reduce government spending and further reform its economy in order to meet the 2020 target date for accession to the euro zone. Hungary has continued to demonstrate economic growth as one of the newest member countries of the European Union (since 2004). The private sector accounts for over 80% of GDP. Hungary gets nearly one third of all foreign direct investment flowing into Central Europe, with cumulative foreign direct investment totaling more than US$185 billion since 1989. It enjoys strong trade, fiscal, monetary, investment, business, and labor freedoms. The top income tax rate is fairly high, but corporate taxes are low. Inflation is low, it was on the rise in the past few years, but it is now starting to regulate. Investment in Hungary is easy, although it is subject to government licensing in security-sensitive areas. Foreign capital enjoys virtually the same protections and privileges as domestic capital. The rule of law is strong, a professional judiciary protects property rights, and the level of corruption is low. The Hungarian economy is a medium-sized, structurally, politically, and institutionally open economy in Central Europe and is part of the EU single market. Like most Eastern European economies, it experienced market liberalisation in the early 1990s as part of a transition away from communism. Today, Hungary is a full member of OECD and the World Trade Organization.
For 93.6% of the population, the mother language is Hungarian, a Uralic language unrelated to any neighboring language and distantly related to Finnish and Estonian. The main minority group are the Roma. Other groups include: Germans, Slovaks, Croats and Bunjevcis, Romanians, Ukrainians, Serbs and Slovenes. A fringe theory that is well-known is that the Hungarian language is a descendant of Sumerian. Some linguists and historians (like Ida Bobula, Ferenc Badiny Jós, dr Tibor Baráth and others) have published this theory. There are some artifacts which they claim support this view (like the Tartaria tablets). Mainstream linguists reject the Sumerian theory as pseudoscience. Hungarian has often been claimed to be related to Hunnish, since Hungarian legends and histories show close ties between the two peoples. Since Hungary will join euro zone in 2020, English and German language service should have great need in this country. Legal documents, news reports, product catalogs, user manuals or any other types of document should be translated into English and German, reliable translation service is the key to your business success.
The Hungarian cuisine is a prominent feature of the Hungarian culture, just like the art of hospitality. Traditional dishes such as the world famous Goulash (gulyás stew or gulyás soup) feature prominently. Dishes are often flavoured with paprika (ground red peppers), a Hungarian innovation. Thick, heavy Hungarian sour cream called tejföl is often used to soften the dishes flavour. The famous Hungarian hot river fish soup called Fisherman’s soup or halászlé is usually a rich mixture of several kinds of poached fish. There should also be translation service needs in Hungarian food industry.
Hungary is a land of thermal water. A passion for spa culture and Hungarian history have been connected from the very beginning. Hungarian spas feature Roman, Greek, Turkish, and northern country architectural elements. Because of an advantageous geographical location thermal water can be found with good quality and in great quantities on over 80% of Hungary’s territory. Approximately 1,500 thermal springs can be found in Hungary. There are approximately 450 public baths in Hungary. In hotel and recreation industry, there might be opportunities of translation introduction of hotels into English, German and other European languages.