Viktor Orbán

Trump’s victory threatens forint with collapse, Orbán cabinet happy and congratulates

Trump's victory threatens forint with collapse (Copy)

The Hungarian forint is at a 2-year low against the American dollar following Donald Trump’s decisive victory. All regional currencies are struggling because the strong dollar is bad news for emerging currencies like the Czech koruna or the Polish zloty. Meanwhile, PM Viktor Orbán, who established a strong relationship with Trump in the past few years, congratulated the newly-elected President and talked about a “spectacular victory” and “the greatest comeback in Western political history”. FM Szijjártó expressed hopes towards a ‘top shape’ cooperation with America again.

Trump’s victory did not help the forint. The American dollar is at a 2-year-high against the Hungarian national currency and all emerging currencies are struggling in the region. The USD was at a historic peak against the forint on 8 October 2022 because of the economic difficulties following the energy crisis and the war in Ukraine.

The euro is also at a 22-month peak against the forint. The last time the EU currency was stronger was in December 2022 with 418. The exchange rate is now at 410/EUR but it was 412 earlier today.

Orbán says President Trump will end the war in Ukraine Orbán cabinet
Photo: FB/Orbán

PM Orbán congratulates, talks about “spectacular victory”

Prime Minister Viktor Orbán commented on the US presidential election on Wednesday and said “I see a spectacular victory, perhaps the greatest comeback in Western political history, a huge fight”. Speaking about Donald Trump, Orbán said that the Republican politician had first faced prison and a confiscation of his assets. He later faced an assassination attempt while “the whole media world of the US turned against him”, Orbán said, adding that “he has still won.”

He said it gave a great encouragement to everyone “who believes in will, struggle and perseverance, and a hope for peace for the world.”

It was hoped early this year that pro-peace forces would become a majority in the Western world by the end of the year and would defeat the pro-war camp, the prime minister said, adding that “there is now a great chance” to achieve that. He expressed hope for the economy to gain heat and for US-Hungary relations “to return to their golden era.”

trump orbán 2024
Photo: Facebook/Orbán Balázs

“We have a number of plans that we can carry out together with President Donald Trump in the coming years,” Orbán said in a video published on Facebook. Interestingly, Orbán was addressed as President in the Reels video.

US-Hungary cooperation can get into a top shape

“The decision of American voters gives us good hopes that political cooperation between the United States and Hungary could again get into a top shape,” the foreign minister said on Facebook on Wednesday morning.

Péter Szijjártó highlighted that bilateral political relations had been at their peak during the first presidency of Donald Trump, when “dialogue and talks were in the focus of efforts aimed at resolving conflicts that jeopardised global security”. “We have similar positions concerning peace, illegal immigration and the protection of the family,” the minister said.

“We have the best ever chance so far for peace to return to Ukraine after almost a thousand days,” he added.

‘This is a magnificent victory for the American people that will allow us to make America great again,’ Trump says

US Republican presidential candidate Donald Trump early Wednesday thanked Americans for the apparent “honor of being elected” to the nation’s highest office, Anadolu news agency wrote.

“I want to thank the American people for the extraordinary honor of being elected your 47th president and your 45th president,” Trump told supporters in Palm Beach, Florida, referring to his earlier term in office, in 2017-2021, before Joe Biden won four years as the 46th US president.

According to Fox News projections, Trump ensured victory after defeating his Democratic rival Vice President Kamala Harris in Tuesday’s presidential election.

“This is a magnificent victory for the American people that will allow us to make America great again,” Trump added.

Pledging to fight for every citizen, he said: “We’re going to help our country heal.”

The win would make Trump only the second US president to serve non-consecutive terms, following Grover Cleveland, who served two separate terms in the late 1800s, with President Benjamin Harrison in between.

‘America has given us an unprecedented and powerful mandate’

Winning the vote was “very nice,” said Trump.

“America has given us an unprecedented and powerful mandate. We have taken back control of the Senate,” he added.

Turning to border security, an issue he pressed on the campaign trail, he promised to “fix” the borders.

“We’re gonna have to seal up those borders … We want people to come back in, but we have to let them come back in, but they have to come in legally,” Trump said.

Stressing security, he said: “We want to have security. We want to have things be good safe … We want a strong and powerful military, and ideally we don’t have to use it.”

Trump says he is ‘working to stop wars,’ not start them

During his first term, the US had no wars for four years, except for the defeat of terrorist group Daesh/ISIS, Trump said.

“We defeated ISIS in record time but we had no wars. They said: ‘He will start a war.’ I’m not going to start (one), (I’m) working to stop wars. But this is also a massive victory for democracy and for freedom,” he added.

Stressing that being the US president is “the most important job” in the world, Trump claimed that he had a “great” first term.

“Nothing will stop me from keeping my word to you, the people. We will make America safe, strong, prosperous, powerful and free again.

“And I’m asking every citizen all across our land to join me in this noble and righteous endeavor. That’s what it is. It’s time to put the divisions of the past four years behind us. It’s time to unite.”

Trump’s address saw the attendance of family members, allies, and close advisers, including tech billionaire Elon Musk.

“We have a new star. A star is born,” he said, referring to Musk, who endorsed Trump and is expected to play a role in his administration.

Separately, his running mate JD Vance thanked Trump for the trust he placed in him.

“I think that we just witnessed the greatest political comeback in the history of the United States of America,” Vance said in a short address to supporters.

Read also:

PM Orbán visits Kyrgyzstan

Orbán visits Kyrgyzstan

Hungary highly values Kyrgyzstan for its endeavours to promote global security, Prime Minister Viktor Orbán said in a statement after meeting the Kyrgyz president on Tuesday.

Orbán praised Kyrgyzstan’s dependable action against terrorist organisations and its pro-peace position. The prime minister said Hungary generally thrived in times of peace and was glad that Kyrgyzstan was “also on the side of peace.”

He said that Hungary, as an EU member, was helping Kyrgyzstan in European political forums to ensure the broadest possible cooperation with the bloc. He noted that bilateral relations have been raised to the level of a strategic partnership. Accordingly, two-way trade is set to double this year, he added.

At their last meeting, the Kyrgyz president said bilateral cooperation should focus on hydropower and agriculture, Orbán said, noting that a Hungarian-Kyrgyz investment fund has been set up to finance the building of a hydroelectric power plant and farm initiatives. Hungarian agricultural and food companies are now present in the country “with good results”, he said.

Orbán visits Kyrgyzstan
Orbán visits Kyrgyzstan. Photo: MTI

Meanwhile, Orbán assured the Kyrgyz president that Hungary would support the Kyrgyz initiative to protect mountain culture and way of life at the upcoming Coptic summit in Baku.

Also, 200 Kyrgyz students are studying with a scholarship in Hungary, and Hungary was ready to receive even more students in light of the strong demand.

Orbán said he had expressed his gratitude that Hungarian can now be studied in Kyrgyzstan.

Orbán noted that Hungary joined the Turkic Council in Kyrgyzstan six years ago and has since become a political member of that community. In 2025, an informal Turkish Council meeting will be held in Budapest.

Orbán said Hungarians were the only people from the East that migrated to the West and planted roots here, but they had not forgotten their origins, and always treated the Turkic peoples, including the Kyrgyz, with “friendly and fraternal feelings”.

Orbán visits Kyrgyzstan
Orbán visits Kyrgyzstan. Photo: MTI

During his official visit, Orbán and high-level Kyrgyz officials are scheduled to sign several agreements to advance bilateral cooperation, the PM’s press chief said earlier.

Orbán will also participate in a meeting of the Council of Heads of State of the Organisation of Turkic States held in Biskek on Wednesday.

read also: Kyrgyz Embassy opened in 2021 in Budapest

Hungary, Kyrgyzstan to further develop mutually beneficial cooperation

Hungary and Kyrgyzstan plan to further develop mutually beneficial cooperation, which has been raised to the level of confirmed strategic partnership, the foreign minister said in Bishkek on Tuesday.

The ministry cited Péter Szijjártó saying that the relevant agreement was signed earlier in the day. Agreements on air transport, customs and justice affairs, as well as higher education scholarships were also signed, he added.

“All this goes to show that Hungary-Kyrgyz cooperation covers an especially broad area,” he said.

Szijjártó said that economic cooperation was a priority and he welcomed record-high bilateral trade last year, which has doubled this year.

“This clearly shows that both Hungarian and Kyrgyz economic players greatly profit from this cooperation,” he said.

He added that work was under way to further develop cooperation in agriculture and food production. Following successful cooperation in the area of maize seeds, he said, chances are high that honey and lamb from Kyrgyzstan will reach European Union markets through Hungarian trading companies.

“We are setting up a Hungarian seed plant here, and a hydropower plant is being built under the arrangements of cooperation between Hungarian and Kyrgyz companies,” he said.

Szijjártó also said that Hungary is popular among Kyrgyz university students, and 200 of them will get a chance to study at Hungarian universities with a scholarship. More than 600 applications have been submitted for these places, mostly in medical and engineering faculties, he said.

“We will develop cooperation between the two countries in the upcoming period, especially in areas linked to environmental protection and boosting the green economy,” he said.

“We are in agreement that all countries must set their respective economies on the path of growth in a responsible way, which means competitiveness and environmental protection must go hand in hand,” he added.

He praised Kyrgyzstan’s resolute action taken against terrorist organisations, and added that the more successful the fight against terrorism was in Central Asia, the fewer migratory waves could be expected in Europe.

“Accordingly, we support the quickest possible ratification of a cooperation pact between Kyrgyzstan and the EU,” he said.

read also: Hungary has “increasingly close” ties with this authoritarian Asian country, says minister

Beyond politics: The most embarrassing TikTok moments of Hungarian politicians

TikTok

Nowadays, you can’t imagine everyday life without social media. The vast majority of people have at least one account, whether that be Facebook, Instagram or TikTok. Politicians are no exception, they have long been active on platforms such as Facebook and Twitter. However, with the rapid evolution of technology, more and more politicians are jumping on the TikTok bandwagon.

TikTok offers a unique opportunity for politicians to connect with younger audiences and share their messages in a more relatable way. It’s also a chance for the public to see a different, often more personal side of their leaders, beyond the typical polished campaign appearances or formal interviews.

In Hungary, the trend is no different. A growing number of politicians have started to make their presence felt on TikTok. While some of their videos have resonated well, others have missed the mark—some even verging on cringeworthy. So, let’s dive into the most awkward and uncomfortable TikTok moments from Hungarian politicians.

Viktor Orbán

Hungary’s Prime Minister primarily uses TikTok for two main purposes: responding to questions—usually the simpler ones that highlight his personality—and promoting the government’s political agenda. However, not every post hits the mark. Occasionally, a video or two misses the intended effect, leading to some awkward or questionable moments, like the following example:

@viktor_a_tiktokon

Nindzsa kormány 🥷 #orbanviktor #miniszterelnok #follow #fyp #foryou #fidesz #nindzsakormány #ninja

♬ eredeti hang – Viktor a TikTokon

In this short clip, Prime Minister Viktor Orbán attempts to engage the younger generation by showcasing AI-generated ministers, paired with his voiceover. The response in the comments section, however, did not quite match his expectations. Reactions included comments like, “What is this?” and “I might have to move.” While there were some positive remarks, the ones that garnered the most attention and likes leaned more toward criticism and disapproval.

Alexandra Szentkirályi

Alexandra Szentkirályi, former government spokeswoman and Fidesz party member, is more active on TikTok than the Prime Minister and often focuses on issues affecting Budapest. However, this time, her video did not land as intended. In a post made during the recent flooding, she urged opposition politician Péter Magyar not to exploit the situation for political purposes. Ironically, she then spent the remaining 30 seconds criticizing him, turning the video into a politically charged statement itself. This shift in tone led to mixed reactions and gave the video an unintended twist.

@alexandra.szentkiralyi

Most annak van itt az ideje, hogy politikai hangulatkeltés helyett mind együtt dolgozzunk az árvíz ellen. #segitunk #arviz #Budapest

♬ Doomsday – DIVARIUS

Péter Magyar

Péter Magyar, President of Hungary’s largest opposition party and Member of the European Parliament, has mastered connecting with the younger generation on social media, as evident from his impressive view counts. However, despite his strong online presence, his attempt at AI-generated content did not quite hit the mark, coming off as more unsettling than engaging.

@magyarpeterofficial

Vajon az ilyen videókkal mit akar a propaganda elérni? 😅 #magyarpéter #fy #fyp #theman

♬ eredeti hang – magyarpeterofficial – the MAN

Ferenc Gyurcsány

Ferenc Gyurcsány, former Prime Minister of Hungary and current opposition politician, responds to a viewer’s question in the video below. While answering questions is not unusual of him, the issue here is that this particular response was filmed while he was driving. Instead of appearing relatable or laid-back, the video comes across as awkward and even a bit embarrassing.

@tiktokgyf

Válasz @Irma Ádám részére

♬ eredeti hang – Gyurcsány Ferenc

In the end, no matter which social media platform you browse, you are bound to come across videos that miss the mark. That does not mean politicians being active on TikTok is inherently negative. Their content can be entertaining and offer a more personal glimpse into who they are beyond politics. Beyond these examples, many other figures in the political arena have embraced TikTok, recognising it as an essential tool for engaging with voters and building a stronger connection with the public.

Read also:

How Viktor Orbán’s son-in-law capitalised on tax breaks to dominate Hungary’s rich list!

Ráhel Orbán and István Tiborcz Orbán's son-in-law

István Tiborcz, Orbán’s son-in-law, has seen his wealth soar thanks to tax breaks tied to the BDPST Group, which have dramatically sliced his tax obligations.

Following a significant law passed in 2017, the BDPST Group has enjoyed tax relief amounting to approximately 30 billion HUF (EUR 74,058,690.00) over the past five years, which has been transformative for Orbán’s son-in-law Tiborcz’s financial standing. After debuting on Hungary’s rich list in 2019, Orbán’s son-in-law has since tripled his net worth, reaching the 19th spot among Hungary’s billionaires in 2023, according to 24.hu.

Ráhel Orbán and István Tiborcz Orbán's son-in-law
Photo: Instagram / rahel_orban

BDPST Real Estate Distributor Ltd: A profitable core

At the centre of this wealth accumulation is BDPST Real Estate Distributor Ltd, the flagship company of the BDPST Group. Between 2019 and 2023, the company reported an impressive profit of HUF 48.4 billion. From this amount, Orbán’s son-in-law, Tiborcz and other owners collected HUF 5.5 billion (EUR 13,578,306.50) in dividends, while paying minimal or no corporate tax over the years. BDPST Ltd. employed tax incentives and legal frameworks to keep its tax bill strikingly low, a strategy also extended to its affiliated companies.

The real key to BDPST’s tax savings is a 2017 amendment allowing companies to double-count renovation expenses for historic buildings when calculating tax deductions. Thanks to this policy, introduced by the Orbán government, Tiborcz’s company acquired historic properties and funded their renovations with substantial loans, some sourced from the state-owned Hungarian Development Bank. These manoeuvres have kept BDPST’s tax obligations so low that it has effectively avoided corporate tax altogether.

Reaction from the TISZA Party

Péter Magyar, leader of the TISZA Party, has openly condemned this arrangement, accusing the Orbán government of creating what he describes as a “tax haven” for Tiborcz. He argues that Orbán’s government has effectively embedded loopholes in the law to benefit Tiborcz’s companies, further supporting his enterprises with state-backed loans. Magyar went so far as to liken their operation to “Al Capone in kindergarten,” suggesting this issue could prompt significant political shifts by 2026.

Péter Magyar in the European Parliament
Photo: FB/Magyar Péter

What happens to Orbán’s son-in-law’s wealth?

According to Szabad Európa, Ráhel Orbán and István Tiborcz married in 2013 on a grand estate in Fejér County, located in the picturesque Tükröspuszta, on the border of Bicske and Csabdi. Since then, the Tiborcz family has embarked on a property acquisition spree, buying multiple plots, including a forest and various fields. Recent contracts reveal that Tiborcz and his father, Dr Sándor Tiborcz, acquired a total of 19.6 hectares of land—both farmland and forest—in August and September 2024, valued at HUF 75 million (EUR 185,167.28). With this latest acquisition, the Tiborcz family now owns at least 340 hectares in and around their Tükröspuszta estate.

Read also:

Viktor Orbán’s defying declaration: Hungary will not pay EU fines!

Viktor Orbán

Viktor Orbán and the Hungarian government’s asylum policies have long been criticised within the EU, as they often contradict EU regulations. The EU Commission has stressed that respecting EU rules on migration and asylum is a shared responsibility of all member states, as the transfer of the problem from one country to another threatens EU unity and solidarity.

A few months ago, Hungary received a EUR 200 million payment notice from Brussels, requiring the government to pay the asylum fine within 45 days. This fine was due to non-compliance with EU migration rules. The country also owes Brussels EUR 1 million for every day it does not pay the fine. Hungary had until 31 October to comply with the 45-day payment notice sent by the European Commission on 13 September. By the end of the summer, EUR 93 million had been collected in daily fines.

The EUR 1 million a day fine was reached in three months and the penalty was ordered following a 2020 ruling by the European Court of Justice. According to Szabad Európa, this follows Hungary’s failure to comply with changes to its asylum system, which has now led the European Commission to consistently enforce the payment notices.

Orbán cabinet may continue to block EUR 45 billion loan scheme for Ukraine until the US elections safety
Photo: FB/Orbán

Viktor Orbán’s letter to the EU

Days before the deadline, Hungarian Prime Minister Viktor Orbán sent a letter to the European Commission, which hinted that Hungary might resist paying. Although the letter’s details haven’t been disclosed, the Commission’s response pointed to Hungary’s obligation to comply, with a spokesperson reminding Member States that EU court rulings are binding. If Hungary misses payments, the debt will increase, leaving Hungary with little choice but to settle it or face more severe financial penalties.

According to Euronews, Hungary’s next deadline is set on the 18th of November, when an additional EUR 60 million fine will be added, potentially bringing Hungary’s debt to EUR 150 million by mid-November. If unpaid, the Commission could deduct these funds from Hungary’s future cohesion funding, as it has done before with other penalties.

european union eu flag hungary
Photo: Daily News Hungary

Fines and penalties inside the EU

In the European Union, a Member State does not have the right to refuse to pay a fine imposed by the European Court of Justice, to change the amount of the fine or to change the conditions set by the court. A spokesman for the European Commission made it clear that Member States must comply with EU court rulings or the daily fine will continue to increase. This is to ensure that member states take responsibility for enforcing court judgments and avoid possible further sanctions.

By imposing a fine of EUR 1 million a day, the European Union is trying to force Hungary to bring its legislation into line with EU standards. The fine will remain in place until Hungary makes substantial changes to its asylum system. The European Commission will keep a close eye on payment deadlines and is ready to withdraw additional funds if Hungary does not settle its debts.

According to the Hungarian government, the European Union owes Hungary approximately EUR 2 billion for border protection expenses incurred since 2015. As Portfolio reported back in August, the Hungarian government argues that EU institutions have been launching politically charged criticisms regarding Hungary’s border security measures. In light of this, they view the EUR 200 million fine imposed by the European Commission as part of ongoing pressure tactics.

Read also:

PM Orbán and Hungary may become a policymaker in the USA if Trump wins: the background of their bromance

Viktor Orbán Donald Trump Danube Institute

PM Orbán admitted this summer that his people are involved in Trump’s program writing system. The two leaders regularly praise each other’s work. It is unprecedented that a potential US president has such strong ties to a small country’s leader like Hungary’s Orbán. How could PM Orbán get into the inner circles of Trump, and will that relationship be profitable for Hungary? Szabad Európa talked with multiple diplomats, background experts, etc. to unravel the evolution of the unprecedented Trump-Orbán ‘bromance’.

The Trump-Orbán bromance

If you google bromance, one of the first definitions will be: “a close but non-sexual relationship between two men”. John Fund, a well-known American journalist, characterised Trump’s close relationship with PM Viktor Orbán with that word. He added that Orbán knew how to speak with Trump to make him comfortable.

Szabad Európa reminded readers that Orbán endorsed Trump when he was only a presidential nominee in 2016, and it did not seem possible that he could win the primaries. Eventually, he did. Since then, the Orbán cabinet has been spending immense amounts of money to get into the inner circles of the former President.

During the first Trump administration, official lobbyists like Tucker Carlson’s father, Richard Carlson, did that work with David Reaboi. After Biden’s victory, official contracts ended, and new ones were not signed. However, that does not mean the project did not continue. We wrote HERE about Orbán’s Danube Institute, which allegedly spent HUF 0.5 billion on promoting the Orbán cabinet in the USA. Moreover, Rod Dreher regularly writes articles praising the policies of the Orbán cabinet in conservative American papers and received USD 5,666/month for that work in 2022 and USD 8,750/month in 2023.

Orbán Trump saviours of the world
Fidesz-organised Tusványos festival in Transylvania. Photo: Facebook/Viktor Orbán

Party, think tank, and personal relations

The Trump-Orbán relationship has three spheres, Szabad Európa writes. The first is the relationship between the Republican Party (and its wing dominated by Trump) and Hungarian government officials. The media outlet’s sources said those relations are not deep because Republicans do not concentrate on developing international relations.

The second sphere is the think tanks, where the Orbán cabinet may have strategic positions. Several Hungarian organisations are involved, like the Századvég and the Alapjogokért Központ. The latter organises the CPAC Budapest events, which can only happen because the Hungarian government has enough money to cover its costs: CPAC is free for the participants.

Viktor Orbán CPAC United we stand
CPAC in Budapest with PM Orbán. He has enough money to organise it. Photo: facebook.com/orbanviktor

Cooperations with e.g. the Heritage Foundation or the America First Policy Institute (AFPI) may become key if Trump wins, and those think tanks will define many areas of his policies. Allegedly, the AFPI has already drafted more than 300 decrees for Trump.

In 2019, Trump did not know Orbán

Finally, the third sphere is the personal relationship between Orbán and Trump. That developed a lot since in 2019, before the European parliamentary elections, when Orbán finally got an invitation to the White House, Trump did not know his name. Now he does, and regularly mentions and praises Orbán in his campaign addresses.

Tucker Carlson did a lot to boost that bromance. In 2021, he came to Hungary and praised Orbán for seven days. Nobody knows how much the government paid for Carlson because all documents have been classified for thirty years. However, Carlson’s fee was around USD 70,000 then. The American anchorman said he came to Hungary for free.

Hungary Tucker Carlson PM Orbán
Carlson and Orbán. https://www.facebook.com/orbanviktor

Relations with the Trump team are also important

From the Hungarian side, Balázs Orbán played a key part in developing the relationship. He regularly meets and speaks with MAGA Republicans to get into the inner circles of the Trump team. Informants told Szabad Európa that Orbán is in a ‘text message relationship’ with multiple important Republican politicians.

Furthermore, Orbán knows what to tell Trump and how to speak with him. John Fund, a journalist for National Reporter, said Trump wants to hear he is strong, the Europeans are afraid of him, he can negotiate and carry out magnificent things. Strongmen are his weakness, and Orbán perfectly fits that role.

orbán and trump
The first meeting in 2019. Their relationship has developed a lot since then. Photo: facebook.com/Orbán Viktor

Orbán knows that when Trump wins, his schedule will become tight. Therefore, he allocated immense resources to solidify his relations with key figures around Trump. One of them is Donald Trump Jr.: he was in Budapest this June and held talks with PM Orbán. Another important figure is Trump’s VP candidate, J.D. Vance, who praised Orbán in multiple interviews.

Read also:

  • Trump’s triumph could mean PM Orbán’s defeat and a government change in 2026 – read more HERE
  • Opinion: The Trump-Orbán bromance – details in THIS article

Orbán predicts major shift in Western politics: ‘Pro-peace, anti-migration’ forces to gain majority in Europe and US

Viktor Orbán

The Western world faces a sea change, Prime Minister Viktor Orbán said in an interview with public radio on Sunday, arguing that a new “pro-peace, anti-migration and anti-gender” majority was emerging.

“These are the forces that we, the Patriots, represent in Europe, and I think these are the forces that will win the election in the United States on Tuesday,” the prime minister said.

Orbán insisted that early in 2024 he had predicted that the balance of power in the West would shift by the end of the year.

He said this had turned out to be correct, pointing to the formation of the Patriots for Europe group after the European Parliament elections. He added he expected the new grouping to soon become “the majority force” in Europe. “There’s also a sea change in America: it will be out with the Democrats and in with the Republicans, and Donald Trump will be the president again,” he added.

Orbán said this meant that the pro-peace political forces would be in the majority in the West by the end of the year.

“Today there’s a pro-war majority in the Western world, but after the US election there’ll be a pro-peace one,” the prime minister said. “There’s a pro-migration policy in the Western world, but after the US election, together with the European Patriots, there will finally be a Western majority that wants to end migration.”

He said there was also a “pro-gender world” in the West today that wanted to “tear the traditional family apart”, but this, too, would change after next Tuesday, and “together the Patriots and Donald Trump will pursue a policy that protects traditional families”.

Orbán said it was up to Europeans to decide where Europe’s place would be. “Right now we’re sitting on a stool in the corner while the Americans and the Russians negotiate,” he said. “We have to pull ourselves together, that’s what we’ll have to do in Budapest,” he added, referring to the upcoming European Political Community summit.

The prime minister also said he did not think the US presidential election would be close, and trusted that there would be a pro-peace president in the US. “If America becomes pro-peace, as we expect it to, then Europe won’t be able to remain pro-war, either,” he added.

Orbán said Europe could not bear the burden of the war “which the leaders of the European institutions pushed it into” on its own. “If the Americans shift to peace, then we have to adapt to that as well; that’s what we’ll be discussing in Budapest.”

He noted that the Eastern world had held a summit last week in the form of the BRICS summit, which had now included more members. He said this would not have been “serious news 20 years ago”, but today these countries accounted for a greater share of the global economic output than the West.

“The Easterners gathered and decided what they will do, and next week the Westerners will gather in Hungary,” Orbán said, noting that 45-47 heads of state and government are set to attend the coming European Political Community summit.

He said the summit was set to be the biggest-ever diplomatic event in Hungary’s history, noting that apart from EU leaders, it will also include the leaders of the UK, Turkiye, the Caucasus and the Northern and Western Balkan countries.

Orbán said the summit will focus on the US presidential election and reversing Europe’s declining competitiveness.

Former European Central Bank chief Mario Draghi is also scheduled to attend the summit to discuss a recent study he has written on the EU’s competitiveness, the prime minister said.

Turning to the recent economic data, Orbán said there were “no problems with industrial output in Hungary”, and the policy of trade neutrality was needed because of “trade-related problems”.

He said Hungary was home to the most advanced automotive plants as well as factories that produce parts for the aviation industry, while defence industry capacities have also been expanded. “So there’s nothing wrong with Hungarian industry,” he said.

Orbán said Hungary had “achieved a fantastic level” in terms of industrial production over the last 14 years. “Our factories are advanced, most of the managers are now Hungarian, and the foreign companies also have fantastic staff who run these plants to the highest global standard,” he said.

The problem, he said, concerned trade, explaining that the products coming out of these plants had to be sold, but the global market was in trouble, “and the European market especially so”, which is why a policy of “economic neutrality” was needed.

“Hungary isn’t producing less because it doesn’t have good factories, workers or technology, but because there’s no demand,” he said. “That’s how the global economy works … but there’ll be a huge need for these products, especially electric vehicles, in the global economy.”

The prime minister said that after this year’s slowdown, the economy would grow by 3.5 percent next year because major plants would begin firing up. He added, however, that if Hungary “is unlucky”, global trade would be down, and the country would not be able to export what it produces.

Orbán said the government expected production at BMW’s plant in Debrecen and the Chinese electric vehicle plant near Szeged to contribute to Hungary’s economic growth next year.

Orbán said the world economy “will right itself somewhat” and Europe may also see improvements, so trade problems were likely to be ironed out.

Hungary must maintain “economic neutrality” to ensure its “world-class” products can be purchased in the East if demand wanes in the West, he added.

The prime minister said the Hungarian Chamber of Commerce and Industry, which now has a new head, was the government’s most important partner for ensuring economic growth, wages, jobs, and vocational training, and he hailed the chamber’s achievements over the past 14 years, adding that he looked forward to working with the organisation’s new president.

The government, he said, did not want to interfere in wage negotiations, which were up to employees and employers to thrash out. Orbán added that hopefully they would agree on a three year deal which would maximise predictability.

Regarding government loan subsidies, the prime minister said the country was now at the point that it could provide support for young workers as well as students.

He said loans must be linked to work as “we don’t want to support the indolent”. But most people wanted to learn a trade and use it in gainful employment, he added, noting the introduction of a virtually interest-free, 10-year loan of 4 million forints for 17-25 year-olds. Those raising a child can suspend repayment for 2 years after the first child and another two-and-a-half years after the second; the whole debt is forgiven after three children, he noted.

Regarding the Sándor Demján support scheme for small entrepreneurs, he said generally small businesses everywhere faced difficulties, and the scheme would help them secure capital. The state will invest by providing a deposit loan to such businesses, with a view to expanding their size and opportunities, he added.

The prime minister said EU tenders were underway and would soon be announced, and in contrast to the “horror stories” claiming the cupboard was bare, 12 billion euros “are in our account, waiting for entrepreneurs to take these funds…” Orbán said the government targeted growth of 3-3.5 percent next year, and SMEs, as well as large companies, would contribute to it.

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North Korean foreign ministry praises PM Orbán for anti-EU stance

Kim Jong Un North Korean students

North Korea recently praised Hungarian Prime Minister Orbán Viktor for his bold stance against the European Union, as highlighted in his October 23 address defending Hungary’s sovereignty. In a statement on its Foreign Ministry’s website, North Korea echoed Orbán’s criticism of EU interference, signalling an unlikely nod of approval from the reclusive state. This rare acknowledgement reflects North Korea’s interest in anti-EU sentiments amid its own growing alignment with Russia.

North Korea praises Orbán in a statement

It appears North Korea, led by Kim Jong Un, has taken note of Hungarian Prime Minister Orbán Viktor’s rhetoric against the European Union, going so far as to praise him, Népszava spotted. In a statement released Saturday on the North Korean Foreign Ministry’s website, Orbán’s comments on defending Hungary’s sovereignty caught the regime’s attention, leading to an unusually favourable response.

Kim Jong Un North Korean students
Source: depositphotos.com

The statement references Orbán’s October 23 address, where he criticized the EU’s influence, asserting Hungary’s sovereignty against increasing European pressure. According to North Korea, Orbán emphasised that the European Commission and the European People’s Party have targeted his government in an attempt to eliminate independent Hungarian politics. The EU, he argued, treats member states as mere administrative districts, but Hungary would resist any attempts to turn it into a Brussels-controlled satellite. “Hungary is unafraid of imperialist threats and will not tolerate becoming a puppet or subject state,” the statement paraphrased.

Find the whole statement in English below:

“Prime Minister of Hungary, in a commemorative event, clarified his country’s stand to defend sovereignty of the country in the face of the ever-growing pressure of the European Union. He said that the European Commission and the Group of the European People’s Party are in a plot to overthrow Hungarian government and end Hungarian independent politics. He mentioned that Brussels does not need to exist as it dictates its will upon EU member states regarding them as its own administrative district and that it is only proper that EU respect the sovereignty of European countries. Hungary is not afraid of threats from imperialism and will show no tolerance to being reduced to a puppet state and a subject state of Brussels, he said and stressed Hungary’s determination to fight for freedom.”

The statement did not mention Orbán by name

Interestingly, the Pyongyang Foreign Ministry’s release omitted any mention of Orbán by name, referring only to “Hungary’s Prime Minister.” It also left out references to Hungary’s 23 October national holiday, which commemorates the 1956 uprising against Soviet occupation. The statement, issued in Korean, English, Chinese, Russian, and Spanish, used broad language rather than direct quotes.

Orbán’s speech also included sharp remarks about EU interference in Hungary’s internal politics. He claimed that “the puppet government has already been chosen,” with the EU allegedly supporting a particular party and candidate to serve its interests. According to Orbán, while his government stands firm for Hungarian independence and interests, the Hungarian opposition has willingly aligned itself with the EU’s “imperial agenda.”

The foreign ministry’s statement comes just days after Kremlin spokesperson Dmitry Peskov praised Orbán’s approach to foreign policy, highlighting Orbán’s commitment to an “independent position” that stands apart from the “contradictory and short-sighted” policies of EU foreign policy head Josep Borrell.

North Korea, meanwhile, has been in international headlines recently for its intercontinental ballistic missile tests and its support of Russia in the war against Ukraine.

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Featured image: depositphotos.com

Kremlin spokesperson praises Orbán’s “independent and constructive” approach

Viktor Orbán

In a recent statement, Dmitry Peskov, spokesperson for the Russian president, praised Hungarian Prime Minister Viktor Orbán’s approach to foreign policy, highlighting Orbán’s commitment to an “independent position” that stands apart from the “contradictory and short-sighted” policies of EU foreign policy head Josep Borrell.

According to 444.hu, Peskov emphasised that Moscow values Orbán’s determination to shape Hungary’s economic and diplomatic strategy to suit its own interests, even when it diverges from the EU’s mainstream approach. While expressing respect for Orbán’s autonomy, Peskov clarified that Russia has no intention of meddling in European politics and aims to avoid getting entangled in EU’s internal conflicts.

Viktor Orbán
Source: Facebook / Viktor Orbán

Orbán’s speech and his Georgia visit

On the 23rd of October, Hungarian Prime Minister Viktor Orbán stirred up controversy with comments suggesting a “Brussels conspiracy” aimed at toppling the Hungarian government, sparking both domestic and international backlash. Shortly afterwards, Orbán’s visit to Georgia caught analysts’ attention as a potential nod to Russian interests. Given Georgia’s own struggles with Russian influence and election controversies, Orbán’s timing appeared significant, leading 13 EU foreign ministers to criticise the visit as a move that disregarded the EU’s expectations regarding Georgia’s governance and reform.

Orbán’s visit aligns with his recent commitment to a “neutral” economic policy, as laid out in Tusnádfürdő, where he announced Hungary’s intention to balance between global powers. Though Orbán has publicly positioned Hungary as neutral since September, the approach is causing tension among EU and NATO allies, who view his strengthening ties with Russia and China as incompatible with Hungary’s membership in both organisations.

Orbán Viktor Georgia
Source: Facebook / Viktor Orbán

A statement from EU ministers

According to 444, the same 13 EU foreign ministers issued a statement condemning the irregularities in Georgia’s recent parliamentary elections, citing evidence from international observers that showed breaches of democratic standards. The ministers pressed the Georgian government to uphold the international electoral standards required for EU membership and called Orbán’s visit to Georgia “premature” and unnecessarily divisive. His presence also sparked tension locally, with mass protests erupting over the contested election results and even instances of Orbán being booed while near protest zones.

The statement from the EU’s 13 foreign ministers went on to demand impartial investigations into Georgian election complaints, insisting on accountability for any identified irregularities. They also urged the Georgian government to respond to the protests peacefully and stressed that Hungary, as a fellow EU member, should not endorse actions that undermine the democratic principles the EU represents.

Viktor Orbán’s approach is carving out an increasingly independent path for Hungary, one that resonates with Moscow but raises red flags within the EU. His recent moves, from his rhetoric on Brussels to his overtures in Georgia and pursuit of “neutrality”, are testing Hungary’s relationships with its EU and NATO allies, placing it in a delicate balancing act between East and West.

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Hungary stands alone: Orbán declares nation a ‘conservative island’ in Europe’s ‘liberal ocean’

orbán in austria

Unlike many other European Union member states, Hungary has not taken in people belonging to foreign cultures, Prime Minister Viktor Orbán said in an interview with Austria’s ServusTV on Thursday, adding that Hungary pursued a family-friendly policy and was a “conservative island in the European liberal ocean”.

The prime minister said there were more children being born today on the southern side of the Mediterranean than on the northern side, adding that Germany and Austria, for example, were not defending against this trend, but instead saw the solution to this problem in migration policy. Hungary, on the other hand, favoured supporting families, he said.

He said the trend of deaths outstripping births was the result of the policies of the last 30-40 years, noting Europe’s shrinking and ageing population.

Orbán said “money alone” would not increase the birth rate, arguing that a family-friendly culture was needed.

This, he added, required that young people feel secure and choose to have families. He said this called for a predictable economic policy, persistence and a change in mindset, which, he said, meant at least 10-20 years.

Orbán said the European economy was “suffering from pneumonia” and had serious problems.

He cited French President Emmanuel Macron’s recent warning that the EU could be “out of the market” within two or three years, and former European Central Bank chief Mario Draghi’s warning that the European economy could fail.

The prime minister said the signs of this decline were visible in the Austrian and German economies and many other places, underlining the need to make the European economy competitive again.

He said the crux of this problem was energy prices, arguing that Brussels’ policies had led to European companies having to pay 2-3 times what American businesses are paying for electricity, while gas was 3-4 times more expensive. Europe, he added, could not compete like this, and needed a new energy policy, otherwise its businesses would go bankrupt.

As regards migration, Orbán said there were two different kinds of European countries: those that had taken in people belonging to foreign — mainly Islamic — cultures, and those that had not, noting that Hungary belonged to the latter group.

Hungary, he said, only issued as many work permits to those belonging to foreign cultures as were needed in the labour market, and they had to leave the country once their work permit expired.

Orbán said Hungarians believed illegal migration never made matters better anywhere, only worse, arguing that it led to a rise in crime, anti-Semitism and homophobia.

Nobody in Hungary wanted illegal migrants in the country, he said, adding that Hungary was a “conservative island in the European liberal ocean”.

Meanwhile, Orbán said he considered it important for there to be more and more patriotic heads of government in Europe, adding that he trusted that Austria would soon have a head of government from the Freedom Party (FPO). He said there was also a good chance that Czechia would elect a patriotic leader and that Marine Le Pen’s party could form a government in France.

Orbán said four or five EU countries being led by patriotic heads of government would also have a positive impact on Brussels’ policies.

He criticised EU policy, saying that the leadership in Brussels had created a culture and a hegemonic mindset in which one who was not a liberal could not be considered a democrat. He said this culture had been created with the help of US financier George Soros, who was “pumping money” into this kind of politics.

Orbán said there was also room on the political scene for liberals, and encouraged them to express their views, after which voters would make their choice.

Concerning the war in Ukraine, the prime minister said he was not “pro-Russian”, but rather pro-peace, adding, at the same time, that the conflict was a “fraternal war which we have nothing to do with”.

He said there was a major risk of the war expanding, which would lead to a world war, and called for an urgent ceasefire and peace talks.

Orbán underscored the importance of next week’s US presidential election, saying that Donald Trump, the Republican presidential candidate, had not started any wars during his presidency, and had ended any ongoing wars as quickly as he could.

As regards stopping illegal migration, the prime minister said he would “sit down with President Trump”, and Europeans and Americans could conclude “good agreements”. He said Trump would be replacing a “pro-war president” as a “pro-peace president”, which could also bring about change in the policies coming out of Brussels.

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PM Orbán to await US presidential election results in an unexpected country

Viktor Orbán Donald Trump Danube Institute

Orbán to attend OTS summit, have bilateral talks in Bishkek next week

Prime Minister Viktor Orbán is paying an official visit to Kyrgyzstan on Nov 5, Bertalan Havasi, the PM’s press chief, told MTI on Friday, confirming local press reports.

The prime minister’s visit will include high-level talks concerning matters related to Kyrgyzstan and Hungary’s strategic partnership, according to news portals citing the Kyrgyz presidential office. The sides plan to sign several documents aimed at further bolstering bilateral cooperation.

Havasi added that Orbán will attend the summit of the Council of Heads of State of the Organisation of Turkic States (OTS) in Bishkek on 6 November.

Read also:

  • Struggling German carmaking industry may ruin PM Orbán’s economic dreams and election chances – read more HERE

Struggling German carmaking industry may ruin PM Orbán’s economic dreams and election chances – UPDATED

Orbán German carmaking industry

The German carmaking industry is struggling, and that has a devastating effect on Hungary’s economy because, despite all of Orbán’s “freedom fights” against the EU and his developing ties with China and other Eastern powers, the Hungarian economy’s key partners are Western states, especially Germany and the German car manufacturing industry.

German carmaking industry struggling

According to G7, Hungary’s GDP contracted by 0.7% in Q3 of 2024, meaning our country is in a technical recession. The Hungarian economy-focused media outlet found the reason in Hungary’s agriculture, industry and construction sectors. Their contribution to the GDP fall reached 2% this year.

According to Péter Virovácz, a senior analyst of ING Bank, the Hungarian agriculture sector’s 2023 base was very high, and the weather was catastrophic this year. The Hungarian industry and carmaking sector struggle because of Germany.

audi CUPRA Terramar győr German carmaking industry
The new Audi CUPRA Terramar in Győr. Photo: Facebook/Joó István

0.5% GDP growth for 2024 could be already a miracle

Mr Virovácz augurs a 1% GDP growth for 2024 in Hungary. Bence Stubnya, a journalist for G7, said the GDP increase will not reach 0.5% this year. The government said this year’s GDP growth would be 4%. Now, their prognosis is about 1.5%.

ING Bank‘s 2025 prognosis concerning Hungary’s GDP growth fell below 3%, while the Orbán cabinet talks about 3-6%. On 18 October, PM Orbán said everybody would be surprised when they see the Q1 GDP increase next year.

Without significant economic improvement, PM Orbán will be in trouble in the 2026 elections because Péter Magyar and his Tisza Party outpaced Fidesz in recent polls. Orbán’s Fidesz has been leading the polls since 2006 and has been governing the country since 2010.

PM Viktor Orbán pro-government media 
Photo: MTI

UPDATE: Eurozone develops, Hungary falls behind

The euro area economy expanded by 0.4% quarter-on-quarter in July-September, Eurostat revealed Wednesday. Third-quarter growth was at 0.9% on a yearly basis, slightly above market expectations of 0.8%, the statistical authority announced. Economic growth projections for the eurozone also underestimated quarterly growth, which was 0.2%. On the EU side, the GDP growth rate was 0.3% for the third quarter on a quarterly basis and 0.9% for a yearly basis, the Turkish Anadolu news agency wrote.

Among member states, Ireland recorded the highest increase with 2% compared to the previous quarter, followed by Lithuania’s 1.1% and Spain’s 0.8%. Declines were recorded in

Hungary (minus 0.7%), Latvia (minus 0.4%) and Sweden (minus 0.1%).

Number of jobseekers continues to fall

The number of jobseekers in Hungary stood at 226,219 in October, 2,000 fewer than in the previous month, the state secretary for employment policy said on Thursday, citing data from the National Employment Service (NFSZ).

The October figure was the lowest for the month in more than three decades, Sándor Czomba said.

The number of people seeking work for longer than a year has fallen 4pc over a year, while around 20,000 Hungarians have found work with the support of programmes for under- and over-30s, he added.

The government aims to boost the employment rate to 85pc and tap the 300,000-strong labour market reserve, he said.

Read also:

  • National economy minister: Hungary’s growth hindered by external factors, especially automotive decline
  • No stopping: Hungarian forint hits another record low after weak GDP report

Featured image: despositphotos.com

Orbán and Austria’s Kickl sign Vienna declaration for ‘patriotic’ European reform

orbán in austria

Prime Minister Viktor Orbán and Herbert Kickl, the leader of Austria’s Freedom Party, signed a joint declaration in Vienna on Thursday.

Hungary and Austria wanted to reaffirm their commitment to their friendly and neighbourly ties as well as their unwavering historical and cultural relations.

The sides expressed their joint will “to work on preserving and developing the diversity of our wonderful European continent as an alliance of positive reforms”.

“We are especially proud that we have concluded an alliance at a European level, with successful partners from Europe’s great nations, that is aware of the special responsibility arising from the Western character of our continent,” the declaration says. “It is our intention to become a force serving Europe and bringing positive change as equal partners and friends. Patriotism is a form of pride for our own country and its culture. And only those who appreciate their own country can understand and respect others’ patriotism.”

The signatories believe that reforming Europe and the European Union does not call for forced centralisation and making institutions even more complicated, but for “returning power to the people and to the MPs elected by member states”.

The key to a successful reform of Europe lies in appreciating and preserving the diversity of the continent’s peoples, national cultures and lifestyles. The political weight of Brussels needs to be reduced and at the same time, member states’ direct and parliamentary democracy should be strengthened.

“We believe that the greatest danger to European culture is extensive illegal migration and the organised abuse of asylum rights,” the declaration says. “These do not just lead to conflicts between various cultures, but also to the decline of native cultures, thereby threatening the character of Europe itself. All available tools of the rule of law must be used to tackle illegal migration and the abuse of asylum rights.”

The signatories take a firm stand against “the absurd idea that there are other genders besides men and women, and against our children losing their identity already at a young age through left-wing sensitisation efforts”.

The signatories actively support ending the wars going on in the world as soon as possible through ceasefire and negotiations, calling on Europe to provide a venue for peace negotiations and thereby for a return to the original idea that regarded the European Union as a peace project, the declaration says.

“We, the Patriots for Europe, want the European Union to focus on its actual goals, that is to ensure peace, freedom, security and prosperity for as many citizens as possible. We affirm our intention to further consolidate and strengthen our successful alliance internally, as well as to expand it externally,” the Vienna Declaration states.

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Staggering costs revealed: How Viktor Orbán’s frequent travelling with military planes is draining Hungarian taxpayers by millions

Viktor Orbán

Hungarian Prime Minister Viktor Orbán regularly uses the Hungarian Defence Forces’ aircraft, which was previously designated as a non-governmental asset. Over the last year, Orbán has taken at least thirteen flights on this plane. But how much are these trips costing Hungarian taxpayers?

According to HVG360, since June 2023, the state has spent more than HUF 800 million (EUR 2 million) on Viktor Orbán’s foreign trips, a sharp rise compared to the previous 18 months, when these expenses totalled around HUF 500 million (EUR 1.2 million).

Viktor Orbán
Source: Facebook / Viktor Orbán

Around half of Orbán’s foreign trips have been to EU member states. However, frequent visits to Eastern countries, raising questions about Hungary’s alliance with the EU, have also been prominent. Accompanying Orbán are often key figures such as EU Affairs Minister János Bóka, State Secretary János Máté, House of Terror Museum Director Mária Schmidt, foreign policy advisor Zsuzsanna Rahói, and political director Balázs Orbán.

On several occasions, Portuguese politician Mario David, along with ministers Gergely Gulyás, Csaba Lantos, Mihály Varga, and Márton Nagy, have also joined the Hungarian PM. Additionally, an undisclosed family member, likely the prime minister’s wife, has been part of these delegations.

Viktor Orbán’s visit to Moscow

In July, just five days after Hungary assumed the EU Presidency, Viktor Orbán travelled to Moscow for discussions with Vladimir Putin. He was joined by a 13-member delegation that included Foreign Minister Péter Szijjártó and other senior officials. As part of a brief diplomatic tour, Orbán also visited Kyiv, accompanied by Roger Köppel, the editor-in-chief of the Swiss publication Weltwoche, who later praised the Prime Minister as a hero.

This visit sparked significant controversy within the European Union, as Orbán’s meeting with Putin raised concerns about his implicit representation of EU interests. Many EU officials expressed discontent, leading to ongoing debates about the implications and potential “benefits” of this encounter for the European Union.

The statistics

Newly released data from the Hungarian Ministry of Foreign Affairs and Trade details the aggregate costs for Orbán’s trips, though without specifying expenses per destination. Based on the information available so far, around HUF 540 million (EUR 1.3 million) was spent on accommodation, HUF 255 million (EUR 630 000) on travel costs and HUF 15 million (EUR 37 000) on daily allowances for 60 trips.

With only a few months left in Hungary’s Presidency of the Council of the European Union, Prime Minister Orbán is expected to undertake several more trips abroad as part of his declared mission for peace. Additionally, as an EU representative, he will continue to attend various EU events regularly. As a result, travel-related expenses and statistics are anticipated to increase further in the future.

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Opposition MEP accuses Orbán government of neglecting EU funding, warns of potential losses exceeding EUR 2.5 billion

klára dobrev eu funding money

The government has neglected to secure EU funding for Hungary for almost two years by now, Democratic Coalition (DK) MEP Klára Dobrev told an online press briefing on Tuesday, noting she has written to EU budget commissioner Johannes Hahn to ask “what the Orban government” had and hadn’t done to make sure Hungarians “receive the money they are entitled to”.

Quoting a European Commission report, she said Hungary had failed to fulfil the 27 “milestones” it had previously committed to, “so not a single payment request can be paid out right now”.

Hungary, she added, was at risk of losing about HUF 400 billion in 64 days’ time should Prime Minister Viktor Orbán “continue to play the role of the EU’s tantrum child”.

And if it is unwilling to fulfill the milestones next year, Hungary may be deprived of another HUF 400 billion (EUR 1 billion), she said. In 2026, lost funds could amount to HUF 1,000 billion (EUR 2.5 billion) as reconstruction money may also be imperilled, Dobrev insisted.

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PM Orbán to hold talks in Georgia

pm viktor orbán azerbaijan Excessive deficit procedure

PM Viktor Orbán will pay an official visit to Georgia on October 28-29, his press chief said on Sunday, confirming Georgian press reports citing information from the Tbilisi government.

Viktor Orbán in Georgia

According to press reports, PM Orbán has been invited by Irakli Kobakhidze, Georgia‘s prime minister. The Hungarian delegation will include Foreign Minister Péter Szijjártó, Economic Development Minister Márton Nagy and Finance Minister Mihály Varga.

After one-on-one talks and plenary meetings, Kobakhidze and Orbán will give a joint press conference.

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Romanian press: Orbán’s son-in-law to purchase high-end office building in Bucharest

Ráhel Orbán and István Tiborcz Orbán's son-in-law

Orbán’s son-in-law, István Tiborcz is reportedly in the final stages of negotiations to acquire the Equilibrium 1 office building in Bucharest through his Gránit Fund Management. Romanian newspaper Cotidianul reports that Swedish property giant Skanska may sell the building for between EUR 40-50 million, marking Tiborcz’s first major foray into Romania’s real estate market.

Orbán’s son-in-law enters into the Romanian real estate market

The Romanian Cotidianul news portal reports that Equilibrium 1, a Class A office building in Bucharest’s Barbu Văcărescu business district, offers 20,700 square metres of leasable space across 12 floors. Completed in 2019, the building features a modern design and 3,500 square metres of green space, attracting key tenants like Signal Iduna and Secom Healthcare. If Orbán’s son-in-law, István Tiborcz, completes the acquisition through Gránit Asset Management, it will reinforce his growing influence in the real estate sector and mark a strategic expansion into Central and Eastern Europe. This deal also aligns with Skanska’s model of developing and selling fully leased office projects.

Equilibrium 1 Bucharest Tiborcz
Photo: Skanska

Skanska in Romania

As Cotidianul also notes, Swedish property giant Skanska, with global operations worth over EUR 13.8 billion in 2023, has been a key player in Romania’s office development sector since re-entering the market in 2007. Alongside Equilibrium 1, Skanska completed Equilibrium 2 in December 2022, though the latter has a lower occupancy rate, potentially delaying its sale. Orbán‘s son-in-law, István Tiborcz, has shown interest in acquiring Equilibrium 1 through Gránit Asset Management, aligning with Skanska’s model of selling fully leased office projects. Previous Skanska sales in Bucharest include Green Court and Campus 6, valued at EUR 129 million and EUR 150 million, respectively.

Hungarian investments in Romania

According to the news portal, the acquisition of Equilibrium 1 by Gránit Asset Management, led by Orbán’s son-in-law, István Tiborcz, highlights a growing trend of Hungarian investments in Romania’s real estate market. Investors from Hungary, such as the Adventum fund and Indotek, have been drawn to Romania’s economic potential, with Adventum purchasing Hermes Business Campus for over EUR 150 million and Indotek acquiring Plaza M mall and two office buildings in Bucharest. This surge in Hungarian interest is driven by surplus capital and the need to diversify, given Hungary’s smaller market size, alongside Romania’s relatively stable and growing real estate sector.

Tiborcz’s other investments

As we have reported HERE, Orbán’s son-in-law, István Tiborcz, is set to profit from another state-backed deal in Hungary, with Magyar Posta scheduled to purchase a logistics centre developed by his company, Waberer’s Group, in Ecser by 2026. This follows a familiar pattern of government support, with state institutions acquiring assets from Tiborcz’s ventures at inflated prices. The Hungarian government has discreetly invested billions in projects tied to Tiborcz, including real estate developments and solar plants, raising concerns about the transparency of Hungary’s economic policies.

Ráhel Orbán and István Tiborcz Orbán's son-in-law
Photo: Instagram / rahel_orban

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Trump’s triumph could mean PM Orbán’s defeat and a government change in 2026

Trump Orbán USA

The Hungarian government placed all bets on President Trump’s victory in the November presidential elections. PM Orbán hopes Trump will end the war in Ukraine and lower US and EU pressure on Hungary concerning certain issues and their private friendship could help develop ties between the two countries. However, a new Trump administration could be shocking for Hungary’s economy due to the policies he promises to follow. Experts believe Hungary may experience a struggling automotive industry, contracting economy, and a weak forint if Trump wins.

PM Orbán needs positive economic news to win

According to Portfolio, PM Orbán and his government should not dream about Trump’s November victory because that may mean their loss in the 2026 general elections. The former president’s economic policies would decrease trade between the EU and the USA, resulting in a declining German and Hungarian economy. The new crisis would come ahead of the Hungarian general elections which Péter Magyar’s Tisza Party has a real chance to win. Based on the latest polls, his party is 1-2% ahead of the Fidesz. Such rates were impossible in the last 18 years.

péter magyar demonstration 23 october
23 October commemoration of the Tisza Party in Budapest. Photo: MTI/Balogh Zoltán

Hence, PM Orbán wants new MP candidates, more coming outs to ease scandals and a more effective government-close media. Some Hungarian media outlets wrote he plans purges in the next few months. Furthermore, he announced ambitious economic goals like an impressive wage rise, the extension of the family support system and support for the SME sector. Orbán seems determined to carry out those plans even though the Hungarian economy struggles, GDP growth is falling behind aims and the people do not want to increase their consumption.

Trump would attack the foundation of Hungary’s economy

Much of the Hungarian economy is built on the automotive industry where German and Chinese carmakers dominate and more than 150,000 Hungarians work. However, Trump’s new presidency would hit that sector hard.

The former US president promises a 10% tariff on all imports and 60% on imports from China. Since the trade value between the EU and the USA is more than EUR 1,000 billion yearly, such changes would affect Europe. Such tariffs, for example, would lead to a trade war between the EU and the USA, China and the USA, and China and the EU, undermining the global trade system. According to the Institut der Deutschen Wirtschaft, a 10% safeguard duty would reduce the world’s GDP by 0.6% in 2025 and 1.1% in 2027.

Orbán says President Trump will end the war in Ukraine Orbán cabinet
Trump’s victory may result in Orbán’s defeat. Photo: FB/Orbán

Economic decline on the horizon in Europe and Hungary

Erste Group wrote in an analysis that the economic contraction would be painful in Slovakia and Hungary since 4.5% and 3.8% (USD 2.5 billion) of their export go to the USA. According to an analysis of the S&P, China could not help out Hungary in that regard.

Hungary’s economy is volatile to outer shocks because its openness to merchandise trade is high, 137.6% in 2022. According to the Erste, the German economy may decrease by 1.4% in the worst-case scenario. The Trump administration would cause 0.5% GDP contraction for Hungary in 2025 and 0.22% in 2026. Meanwhile, PM Orbán and his government need GDP and consumption growth to win in 2026.

China, forint, military

Furthermore, the new Trump administration would probably want Hungary to weaken its political-economical-financial relationship with China. This summer the Hungarian government took out an immense loan to spend on the installation of electric vehicle charging stations in rural areas.

hungary china foreign ministers
FM Szijjártó with China’s foreign affairs minister. Source: Facebook/ Minister Szijjártó

We wrote HERE that the Trump presidency would mean a stronger dollar, which is bad news for the currencies of emerging markets like Hungary.

Moreover, Portfolio wrote that Trump would expect Hungary to buy American military equipment, which would mean an extra burden for the country’s budget.

Read also:

  • Orbán cabinet introduces stricter rules on guest worker employment – read more HERE
  • Orbán government celebrates success, but Hungary faces its steepest economic decline of the year