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Pécs is the fifth largest city in Hungary and a university town with rich cultural heritage. It was home to several factories in the socialist period, many of which did not survive the economic transition. Since 1990, Pecs has lost almost 20% of its population, due to dwindling birth rates as well as stark emigration. In the past decade, unemployment has dropped and the area has attracted some more investment, though an anticipated upturn as a result of the city’s 2010 European Capital of Culture status did not fully materialize.