Hungarian Prime Minister Viktor Orban has denied that his government will implement spending cuts even if re-elected in April, insisting that his Fidesz party will maintain key social and economic programs.
Orban, in power since 2010, faces a centre-right challenger while managing the weakest economic period of his 16-year rule, as inflation and stagnation persist following Russia’s 2022 invasion of Ukraine.
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Economists warn that whoever wins the April 12 election may need to curb spending due to previous pre-election fiscal expansion, yet Orban insists Hungary’s finances do not require austerity measures at present.
The government previously increased its budget deficit targets to 5% for 2025 and 2026 to allow for pre-election programs, prompting Fitch Ratings to downgrade Hungary’s debt outlook to negative, signaling financial caution.
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Orban pledged that subsidies such as the 3% mortgage rate and income tax exemptions for mothers of two will continue, while government schemes aid households with heating bills and support the struggling restaurant sector.
Despite near-stagnant economic growth for three consecutive years, Orban emphasized gradual deficit reduction, asserting that fiscal policies will remain stable to protect citizens while aiming for long-term recovery and economic stability.