Unemployment followed, rising very rapidly from 4.4% (6.8 million) in May 2007 to 10.1% by October 2009 (15.6 million).

FORBES: The Great Recession: How We Got Here (and How to Get Out)

Not all the news is bad: the budget deficit is likely to drop from 9.4% in 2006 to 5.6% in 2007, and it may fall again this year.

ECONOMIST: Hungary may soon be overtaken by its neighbours

This paper was originally presented as a talk at the 2007 Civitas Annual Conference, May 4-6, Halifax, Nova Scotia, Canada.

CENTERFORSECURITYPOLICY: Center For Security Policy