According to a Monday statement from McKinsey, artificial intelligence (AI) could create at least €15 billion in automation potential for the Hungarian economy by 2030 — roughly equivalent to 6–7% of GDP based on the firm's estimates. McKinsey adds that the aggregate macroeconomic effect could be higher if productivity gains also strengthen Hungary’s regional competitiveness.
Future growth must come from productivity
The findings are drawn from a study scheduled for publication in June. The study highlights that over the past one and a half decades employment in Hungary rose to 81%, while real wages have increased by more than 50% since 2008. McKinsey argues that this structure has reached its limits: future growth will no longer come from expanding the workforce but must be driven by productivity improvements.
Why Hungarian productivity lags
The report notes that Hungary’s productivity is substantially below both the EU and V4 averages. The gap reflects several underlying issues:
- relatively low domestic value added;
- a large development gap between major corporations and small and medium-sized enterprises (SMEs);
- only moderate innovation capacity in the business sector.
Together, these factors keep the economy’s overall efficiency behind regional peers.
AI is an opportunity, not an automatic fix
McKinsey says AI can make firms and institutions more efficient and productive. However, realizing those benefits is not automatic: outcomes will depend on whether Hungarian companies, institutions and workers are able to seize the opportunity through investment, training and technological integration.
In short, McKinsey sees substantial economic potential from AI for Hungary, but the scale of realized gains will hinge on local actors’ preparedness and on policies and investments that support productivity improvements.
