Hungary Budapest view from the Bus

• published: 06 Oct 2014
• views: 301

Hungary is a landlocked country in Central Europe. It is situated in the Carpathian Basin and is bordered by Slovakia to the north, Ukraine and Romania to the east, Serbia and Croatia to the south, Slovenia to the southwest and Austria to the west. The country's capital and largest city is Budapest. Hungary is a member of the European Union, NATO, the OECD, the Visegrád Group, and the Schengen Area. The official language is Hungarian, which is the most widely spoken non-Indo-European language in Europe. Following centuries of successive habitation by Celts, Romans, Huns, Slavs, Gepids, and Avars, the foundation of Hungary was laid in the late 9th century by the Hungarian grand prince Árpád in the Honfoglalás ("homeland-conquest"). His great-grandson Stephen I ascended to the throne in 1000 CE, converting the country to a Christian kingdom. By the 12th century, Hungary became a middle power within the Western world.[10] Following the Battle of Mohács in 1526, Medieval Hungary collapsed and succumbed to 150 years of partial Ottoman occupation (1541–1699). Hungary eventually came under Habsburg rule, and later formed a significant part of the Austro–Hungarian Empire (1867–1918). Hungary's current borders were first established by the Treaty of Trianon (1920) after World War I, when the country lost 71% of its territory, 58% of its population, and 32% of ethnic Hungarians. Following the interwar period, Hungary joined the Axis Powers in World War II, suffering significant damage and casualties. Hungary came under the influence of the Soviet Union, which contributed to the establishment of a four-decade long communist dictatorship (1947–1989). The country gained widespread international attention regarding the Revolution of 1956 and the seminal opening of its previously-restricted border with Austria in 1989, which accelerated the collapse of the Eastern Bloc. On 23 October 1989, Hungary again became a democratic parliamentary republic, and is generally considered to be a developing country. Hungary is a popular tourist destination attracting 10.675 million tourists a year (2013). It is home to the largest thermal water cave system and the second largest thermal lake in the world (Lake Hévíz), the largest lake in Central Europe (Lake Balaton), and the largest natural grasslands in Europe (the Hortobágy National Park). The economy of Hungary is a medium-sized, Upper-middle-income, structurally, politically and institutionally open economy, which 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. Hungary hosts the first foreign office of the China Investment Promotion Agency (CIPA). The private sector accounts for more than 80% of the Hungarian gross domestic product (GDP). Foreign ownership of and investment in Hungarian firms are widespread, with cumulative foreign direct investment worth more than $70 billion. Hungary's main industries are mining, metallurgy, construction materials, processed foods, textiles, chemicals (especially pharmaceuticals), and motor vehicles. Hungary's main agricultural products are wheat, corn, sunflower seed, potatoes, sugar beets; pigs, cattle, poultry, and dairy products. The currency of Hungary is called "forint" (sign: Ft; code: HUF) which was introduced in 1946. Hungary, as a member state of the European Union may seek to adopt the common European currency, the Euro. To achieve this, Hungary would need to fulfill the Maastricht criteria. In foreign investments, Hungary has seen a shift from lower-value textile and food industry to investment in luxury vehicle production, renewable energy systems, high-end tourism, and information technology. http://www.worlddiplomacy.org states that "Prime Minister Viktor Orban's Fidesz party won another majority in 2014 and this should continue to provide further stability to Hungary, although some of his policies are seen as controversial to some. The economy should increase by over 1% as Hungary along with the rest of the European Union economies continue to recover."