The domestic wage level and minimum wage in Hungary put the country at the bottom of the European Union rankings – yet another challenge facing the new government that is getting settled. A new study looks at how much of an increase would remain economically sustainable. Between 2010 and 2019, domestic wages were characterized by […]
The new Hungarian government is expected to decide on restrictions on the employment of guest workers from countries outside of the European Union at a cabinet meeting in the coming week, a government spokesperson said. Prime Minister Péter Magyar has asked the economy and energy minister and the social and family affairs minister to coordinate […]
Following the presentation of letters of credence on May 12 and the ceremonial swearing-in ceremony held at the Parliament Building, the new TISZA government was officially formed at midnight on the 13th. This is the fastest government formation since the regime change of 1989-90: just one month after the historic election victory on April 12, […]
The sixteen ministers of the Tisza government took their oath of office on Tuesday afternoon in parliament. At the parliamentary session, Prime Minister Péter Magyar introduced the ministers who then took their oath in a ceremony before the historic flags and signed the relevant documents. He described the task ahead for his government as "work […]
Hungarian foreign policy will not be guided by party interests or the interests of a third country but by the interests of a sovereign Hungary, Anita Orbán, nominee for minister of foreign affairs, said during a hearing at Monday’s session of parliament's foreign affairs committee. She added that her ministry would build a strong diplomatic […]
The Property Developers Roundtable Association (IFK) is hoping the new Tisza government’s economic policy directions will include a predictable and stable regulatory environment and is focusing on future professional cooperation with it, the association told MTI. IFK said development decisions are made several years in advance, so predictable and sustainable economic conditions are key for […]
The European Commission's meetings with the incoming Hungarian government have been "constructive and positive in tone", and a useful starting point "for the work that now needs to happen, particularly to unblock funds for the benefit of the Hungarian people," EC Deputy Chief Spokesperson Olof Gill told a daily press conference in Brussels on Monday. […]
OTP Bank, Hungary's biggest commercial lender, strives for fair cooperation with the Tisza government, which is in the interest of both the Hungarian economy and businesses; the bank's activity will not decline in Hungary, chairman of the board, Sándor Csányi said at the bank's annual general assembly. OTP's management will soon hold consultations with the […]
The Hungarian Academy of Sciences (MTA) "agrees with the main goals outlined in the program of the Tisza party" and wants to ensure Hungarian researchers gain access to European cooperation and funding as a priority, the academy said in a statement on it website. It added that the autonomous and transparent operation of universities was […]
Due to the change in government resulting from last Sunday’s parliamentary elections in Hungary, market expectations suggest that the new government’s economic policy will become more transparent and predictable in the coming years; measures such as special taxes, margin caps and fuel price controls will be phased out over time. That is according to Raiffeisen […]
The President of the League of Trade Unions (Democratic League of Independent Trade Unions), Dr. Melinda Mészáros sent a letter to Péter Magyar, the leader of the election-winning Tisza Party, stating that the leadership of the League is initiating cooperation with the new government, the union told MTI on Wednesday. They justified the cooperation by […]
Péter Magyar, the leader of the election-winning Tisza Party, said on Wednesday that President Tamás Sulyok will formally invite him to form the next government. Magyar met the president after Tamás Sulyok invited the leaders of the parties with mandates in the new parliament to attend talks at his office in Sándor Palace, MTI reports. […]
Fitch Ratings said Hungary's incoming government faces "significant macroeconomic and public finances challenges" due to low growth, a large fiscal deficit, and high and rising government debt. The Tisza Party's landslide victory in Sunday's election, giving it a two-thirds majority in parliament, should support improved relations with the European Union and ease the risk of […]
The Hungarian Banking Association and the Confederation of Hungarian Business (VOSZ) both congratulated the Tisza Party on its election victory and offered cooperation to the new government. The Hungarian Banking Association said in a statement that "the Tisza Party's unequivocal victory could open a new chapter for European integration and the development of the Hungarian […]
