The economy of Hungary is a medium-sized, structurally, politically and institutionally open economy in Central Europe and is part of the European Union's (EU) single market. Like most Eastern European economies, the economy of Hungary experienced market liberalisation in the early 1990s as part of the transition from socialist economy to market economy. 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.

Hungarian economy prior to World War II was primarily oriented towards agriculture and small-scale manufacturing. Hungary's strategic position in Europe and its relative lack of natural resources have dictated a traditional reliance on foreign trade. In the early 1950s, the communist government forced rapid industrialization after the standard Stalinist pattern in an effort to encourage a more self-sufficient economy. Most economic activity was conducted by state-owned enterprises or cooperatives and state farms.
Social and economical changes have already taken place starting from 1968. This year the Hungarian Socialist Workers' Party (HSWP) introduced the New Economic Mechanism which had three main fields.

State enterprises were more free in investments and hiring. They also got greater autonomy in internal decisions thus making them more efficient. Limited number of small private businesses were allowed to operate in the private sector, too.Prices were put in three categories: fixed prices determined by the ministry (mainly raw materials), limited prices (which included basic aliments and could move in a certain price window), and completely free-floating prices.Liberalised import which improved the efficiency of enterprises and made Hungary a part of international flow of goods.Starting from the '70s Hungary's foreign debts rose from $1 billion in 1973 to $15 billion in 1993 because of the wide social welfare system, consumer subsidies, and unprofitable state enterprises which were core elements of HSWP First Secretary János Kádár's "Goulash communism". Joint venture law was introduced as well as income tax and Hungary built a two-tier banking system.

Because of these preliminary changes, the change of regime in 1989 went smoothly in Hungary. The government and the opposition met in the Hungarian Round Table Talks from March to September 1989 where the ground rules of the transition were declared. The first democratic elections were held in April 1990 and brought the victory of Hungarian Democratic Forum (MDF) with József Antall as prime minister.

If you want to know more from Hungary you can visit the country and stay in a studio of Budapest. Budapest has a lots of comfortable apartment in the inner city of Budapest.