Hungarian Conservative

The agency expects substantial foreign investments in battery production to further attract funding, leading to increased job creation, technological advancements, and enhanced exports. Scope Ratings emphasized that Hungary’s BBB credit ratings are reinforced by the robust structure of external and public liabilities.

In a missive addressed to European Commissioner for Budget and Administration on Thursday, the Hungarian Minister of Finance recalled that there is a long-standing consensus that the defence of the European Union’s borders is a collective responsibility of the member states, and yet, Hungary bears almost exclusively the financial burden of the protection of its southern, Schengen border.

Viktor Orbán and Vladimir Putin last met in person on 1 February 2022 in Moscow, before the outbreak of the war on Ukraine. This time the two leaders discussed energy matters and bilateral cooperation. During their meeting, the Hungarian PM also emphasized the need to put an end to the fighting and achieve peace.

Viktor Orbán stated in Beijing that during President Xi Jinping’s tenure, Chinese–Hungarian relations have reached ‘unprecedented heights,’ which is extremely beneficial for Hungary. Orbán expressed gratitude to his host for the constant and unwavering support that Xi Jinping has provided for the development of bilateral relations.

The prime minister emphasized that China is Hungary’s ninth most significant trading partner, and in 2023, China became Hungary’s largest foreign direct investor once again. Companies with Chinese ownership provide employment to nearly 20,000 people in Hungary.

As a result of a series of government initiatives, both households and institutional players have significantly increased their holdings of government bonds. In an unprecedented manner, households now hold a larger amount of government bonds than bank deposits.

Viktor Orbán met the Georgian prime minister this week. He is expected to also attend a forum in China, where Vladimir Putin will also be present. This could be the first time the two meet since the beginning of the Russo-Ukrainian war.

This positive trajectory in Hungary’s financial landscape had an impact on the nation’s global ranking in terms of wealth. Hungary has advanced two positions, now sitting at 30th place among the world’s nations, demonstrating the country’s progress despite the challenging economic conditions.

The credit rating agency expects a three per cent economic growth in Hungary next year, supported by strong exports, a high investment rate, and rising real wages.