The Hungarian economy is a mixed economy that combines elements of both market and planned economies. It has undergone significant transformation since the fall of communism in the early 1990s, moving towards a more open and competitive market system. Key sectors include manufacturing, services, and agriculture, with a strong emphasis on exports. Hungary is a member of the European Union, which has facilitated trade and investment. The country has attracted foreign direct investment, particularly in the automotive and technology sectors. Despite challenges such as inflation and labor shortages, Hungary continues to pursue economic growth and development strategies.