United Front International
No Result
View All Result
Saturday, December 2, 2023
  • Login
  • Register
  • Home
  • US
  • World
  • Politics
  • Health and Wellness
  • Videos
  • Be in the Know
  • ShopNew
Contact us
United Front International
  • Home
  • US
  • World
  • Politics
  • Health and Wellness
  • Videos
  • Be in the Know
  • ShopNew

No products in the cart.

No Result
View All Result
United Front International
No Result
View All Result
Home World

Hungary’s isolation, economic woes will make Orban’s fourth term his toughest yet

by admin
April 3, 2022
in World
Hungary’s isolation, economic woes will make Orban’s fourth term his toughest yet

Hungarian Prime Minister Viktor Orban gestures in front of supporters after the announcement of the partial results of parliamentary election in Budapest, Hungary, April 3, 2022. REUTERS/Bernadett Szabo

Share on FacebookShare on Twitter

Reuters
By Gergely Szakacs

BUDAPEST, April 3 (Reuters) – Prime Minister Viktor Orban faces unprecedented headwinds as he embarks on a fourth consecutive term in office when the Hungarian nationalist will have to navigate his self-styled ‘illiberal state’ through an economic slowdown and growing isolation over Ukraine.

Orban’s fourth landslide victory on Sunday against a united opposition, which joined forces against him for the first time, has solidified the 58-year-old leader’s support at a time when he is losing allies abroad.

Russian President Vladimir Putin’s invasion of Hungary’s eastern neighbour on Feb. 24 upended Orban’s decade-long efforts to deepen business and political ties with Moscow and set his campaign on a new course.

Since then, Orban’s ambivalent stance on European Union sanctions and failure to condemn Putin have distanced him from Polish and Czech allies but his messages of peace appear to have resonated with many Hungarians at a time of conflict.

Sunday’s victory against a united opposition, which won 57 of seats in parliament against 135 for Fidesz based on preliminary results, granted Orban yet another sweeping majority that had enabled him to rewrite the constitution and major laws.

“We have scored a victory so big, that it can be seen even from the Moon, but definitely from Brussels,” Orban, who has built a career on portraying himself as a combative leader battling EU bureaucrats, told jubilant supporters after Sunday’s election victory.

Orban has said his stance on the war in Ukraine was aimed at preserving Hungary’s military and economic security, but this is increasingly called into question by long-time allies in Warsaw, who have been instrumental in backstopping Orban’s battles with Brussels.

Orban’s challenge is complicated by the central European country relying on Moscow for most of its oil, gas and nuclear energy, even after some improvement in cross-border energy links with neighbouring countries over the past decade.

“The decision to stake the country’s energy future (both fossil and nuclear) on close ties to Russia is backfiring,” economists at UniCredit said in a note. “Hungary might find itself even more isolated inside the EU.”

Poland’s ruling party leader Jaroslaw Kaczynski said last week he was not pleased with Orban’s cautious stance on Russia, while a meeting of defence ministers of the Visegrad Four alliance in Budapest was cancelled this week after the Czech and Polish ministers pulled out.

ECONOMIC HEADWINDS

Orban’s new term also poses tough challenges domestically, with the central bank projecting economic growth at the slowest rate in any election year since Orban came to power in 2010.

With inflation on track to run at its highest in at least 15 years, the economy slowing amid the war and EU funds in limbo due to a row over democratic standards, Orban will have no honeymoon period after his election victory

Since taking power in 2010, Orban has stabilised the economy with a host of unorthodox measures and unemployment has fallen to record lows due to billions of euros worth of foreign investment attracted by Hungary’s low corporate tax rate.

But high government borrowing to drag the economy out of the pandemic has eroded much of the improvement in central Europe’s largest debt pile and underlying indicators show the increase in living standards has trailed those in Poland or Romania.

The EU has suspended payments to Poland and Hungary from its pandemic recovery funds over democratic shortcomings, which economists say could begin exerting pressure on Budapest and Warsaw from the second half of the year, barring a compromise.

A 1.8 trillion forint ($5.45 billion) pre-election spending spree, a surge in energy costs and the looming expiry of price caps to keep inflation under control will also complicate Orban’s efforts to keep the economy stable after the vote.

“The pandemic was a walk in the park compared to what’s coming,” said political analyst Zoltan Novak at the Centre for Fair Political Analysis think tank.

“All economic growth and stability indicators are drifting in the wrong direction,” he said.

($1 = 330.29 forints)

Reporting by Gergely Szakacs Editing by Raissa Kasolowsky and Diane Craft

Related

ShareTweetSendSend

Related Posts

A general view of the International Court of Justice (ICJ) in The Hague, Netherlands August 22, 2023. REUTERS/Piroschka van de Wouw/File Photo Acquire Licensing Rights
World

Venezuela tells World Court referendum to go ahead despite Guyana resistance

November 15, 2023
Nigerian President Mohamed Bazoum © France 24
Politics

Niger soldiers say President Bazoum’s government has been removed

July 26, 2023
Ukraine’s President Volodymyr Zelenskiy speaks at an event, while U.S. President Joe Biden listens, as G7 leaders announce a joint declaration of support for Ukraine, as the NATO summit is held in Vilnius, Lithuania, July 12, 2023. REUTERS/Kevin Lamarque TPX IMAGES OF THE DAY
US

Biden orders US to share Russian war crimes evidence with ICC -official

July 26, 2023
CNN Beaten and abandoned in the desert -- migrants stranded at Tunisian border
Videos

Beaten and abandoned in the desert – migrants stranded at Tunisian border

July 25, 2023
Israeli President Isaac Herzog arrives to speak to a joint meeting of Congress, Wednesday, July 19, 2023, at the Capitol in Washington, DC.
Videos

President Israel’s Isaac Herzog addresses a joint meeting of US Congress

July 20, 2023
Iran's police forces stand on a street during the revival of the morality police in Tehran on Sunday. (Wana News Agency/Reuters)
Videos

The head of police in Iran announced the revival of the morality police’s hijab patrols

July 18, 2023

My Cart

No Content Available

Categories

  • Be in the Know
  • Health and Wellness
  • Politics
  • US
  • Videos
  • World

UnitedFrontIntl Store

My Account & Ordering
Cart
Checkout
Track My Order
Refund and Returns Policy
Privacy Policy
FAQs

Site Navigation

  • Home
  • Advertise
  • Contact Us
  • Jobs
  • About Us
  • Shipping Policy

Links

CNBC
Reuters

The New York Times
The Washington Post


Your tax-deductible gift is vital and will help us fund and maintain our website to bring you current news and information on a daily basis. Thank you in advance.

© 2022 United Front Intl

No Result
View All Result
  • Home
  • US
  • World
  • Politics
  • Health and Wellness
  • Videos
  • Be in the Know
  • Contact Us
  • Advertisement
  • Shop

© 2022 United Front Intl

Welcome Back!

Login to your account below

Forgotten Password? Sign Up

Create New Account!

Fill the forms below to register

All fields are required. Log In

Retrieve your password

Please enter your username or email address to reset your password.

Log In