Budapest Post

Cum Deo pro Patria et Libertate
Budapest, Europe and world news

Fidesz Faces Elections with Weakened Economy Unprecedented in Its Tenure

For years, Hungary's economy grew, incomes rose, and public debt decreased until the onset of the COVID-19 pandemic.
However, in the fall of 2021, Fidesz's economic policies crumbled, and the party has since struggled to find a remedy. While they managed to curb skyrocketing inflation, the economy contracted last year, the budget deficit swelled, and the outlook is dim, with further austerity measures expected.

"Fidesz at least knows how to govern!" was a common refrain in public discussion for years, even as the party faced accusations of corruption, dismantling the rule of law, and eroding citizens' (including union and civil organization) rights. Fidesz, particularly under Prime Minister Viktor Orbán, carefully cultivated this image. Orbán frequently claimed that under his governance, "everyone can take a step forward."

As proof of successful governance, the party highlighted its macroeconomic and budgetary performance indicators for years: economic growth, low inflation, rising incomes, falling taxes, increasing employment (and decreasing unemployment), low budget deficits, reducing public debt, significant public investments, and support for "families."

From the mid-2010s until the COVID-19 pandemic, Hungary’s economic governance could indeed be deemed successful: the economy grew steadily, unemployment was low, incomes were rising, and public debt was on a downward trajectory. However, there were no groundbreaking successes; Hungary's performance aligned with the regional economic upswing but did not lead the region. In fact, some indicators suggested a relative decline. This was during a period when both the national bank and the government were stimulating the economy—in layman's terms, "pressing the gas pedal" when the economy was already in motion (a practice known as procyclical, or economic cycle-reinforcing, economic policy).

Given that Hungary did not achieve notable results in a regional comparison, it is debatable to what extent the "successes" can be attributed to Fidesz.
AI Disclaimer: An advanced artificial intelligence (AI) system generated the content of this page on its own. This innovative technology conducts extensive research from a variety of reliable sources, performs rigorous fact-checking and verification, cleans up and balances biased or manipulated content, and presents a minimal factual summary that is just enough yet essential for you to function as an informed and educated citizen. Please keep in mind, however, that this system is an evolving technology, and as a result, the article may contain accidental inaccuracies or errors. We urge you to help us improve our site by reporting any inaccuracies you find using the "Contact Us" link at the bottom of this page. Your helpful feedback helps us improve our system and deliver more precise content. When you find an article of interest here, please look for the full and extensive coverage of this topic in traditional news sources, as they are written by professional journalists that we try to support, not replace. We appreciate your understanding and assistance.
Newsletter

Related Articles

0:00
0:00
Close
Zelenskyy Urges for 'Robust Security Assurances' from Russia to Conclude the War in Ukraine
Austrian Coalition Talks Encounter Setbacks Amid Far-Right Push for Power
Von der Leyen Indicates 'Unprecedented' Action to Enhance EU Defense Expenditure.
European Union Proposes Reforms to 1951 Refugee Convention
China's Humanoid Robots Poised to Transform Everyday Life and Spiritual Functions
Putin Resurrects Soviet-Era Intervision Song Contest with Fresh Allies
Ten Killed in Mass Shooting at Örebro Adult Education Center
China Retaliates with Tariffs and Investigations Following New U.S. Duties
Alice Weidel, the leader of the AfD, bolsters her international profile by meeting with Viktor Orban.
EU Leaders Convene to Address Defense Strategy in Light of Increasing U.S. Tensions
EU Leaders Convene Key Summit on Defense in Response to Increasing Tensions
Trump Directs Establishment of U.S. Sovereign Wealth Fund, Considers TikTok Purchase
Britain Considers U.S. Gas Imports in Light of Potential Trump Tariffs
French Prime Minister Bayrou Confronts Several No-Confidence Votes Regarding the 2025 Budget
Trump Pursues Ukraine's Rare Earth Minerals in Exchange for U.S. Military Assistance
Trump Wins Again as Canada Agrees to Strengthen Border Security
Trump Seeks Rare Minerals from Ukraine in Exchange for U.S. Support
EU leaders concur on increasing defense expenditure in response to escalating security threats.
Nearly 96% of New Cars Registered in Norway in January Were Electric
Bart De Wever Appointed Belgium's New Prime Minister
Apple Abandons AR Glasses Project Amid Struggles with Technology and Market Demand
U.S. Clinical Trial Investigates Medication to Prolong Dogs' Lifespan
Berlin Protests Against Immigration Crackdown
Apple Surpasses Revenue and Earnings Expectations, But iPhone Sales Disappoint
Bill Gates Reflects on Past Mistakes and Acknowledges Yuval Noah Harari's Insight
TikTok Shapes the Future of Mobile Gaming with Viral Trends
Swedish Prime Minister Admits Loss of Control Over Surge in Violence and Explosions
Patriotism Misrepresented: Merz’s Migration Bill Defeat Exposes Ideological War Fueling Europe’s Instability
Trump Administration Advocates Ukrainian Elections to Promote the Democratic Process Needed to Oppose the War Zelenskiy Supports and Profits From
The Swift Impact: Travis Kelce and Taylor Swift's Relationship Boosts Football's Global Appeal
New Zealand Grants Legal Personhood to Mount Taranaki
Global Semiconductor Industry Faces Persistent Challenges Amid Efforts to Boost Production
Trump Interest in Buying Greenland 'Not a Joke,' Says Marco Rubio
Karoline Leavitt: The Youngest and Probably the Sharpest White House Press Secretary
Germany Passes Motion to Tighten Migration Rules Amid Concerns Over Public Safety and Losing Germany’s Cultural Identity
This is the most important clip you’ll see today.
The 'Chinese Pearl Harbor' on U.S. Tech: DeepSeek's Launch Triggers Market Collapse
Germany’s Democracy Under Strain: Political Labeling Sparks Free Speech Concerns
The Trump Era 2: A Time of Dramatic and Profound Change
BlackRock CEO Larry Fink Suggests Bitcoin Could Reach $700,000 with Increased Institutional Investment
Leaked Documents Reveal Google's Collaboration with Israeli Defense Forces During Gaza Conflict
Trump to Announce $500 Billion AI Infrastructure Investment
Olaf Scholz vs. Elon Musk: A Dispute Over Common Sense, Which Scholz is Deemed to Lack
EU’s Overregulation Drives Innovation Collapse and Brain Drain
Hungarian PM Viktor Orbán: Now it's our moment to shine! It's our opportunity to take over Brussels!
Trump Initiates U.S. Withdrawal from WHO, Citing Concerns Over Organizational Integrity
Trump Just Revoked Security Clearance for the 51 Intel Agents Who Lied About Hunter Biden's Laptop
Five Billionaires on Track to Break One Trillion Dollar Wealth Barrier
Bill Ackman Praises Social Media Platform X as 'The New Media'
Italian Prime Minister Giorgia Meloni Proposes Rome as European Union Capital
×