In an interview on Kossuth Radio’s “Sunday News” program, Prime Minister Orbán outlined Hungary’s economic outlook, including plans for increased industrial productivity and strategic global partnerships. He also expressed confidence that the coming years would bring substantial growth, bolstered by developments in Hungary’s automotive and defense sectors. According to the prime minister, next week will mark the biggest diplomatic event in Hungary’s modern history.
With Budapest set to host over 40 leaders from Western nations next week—a landmark gathering for the Hungarian capital—PM Orbán discussed Hungary’s potential to navigate economic shifts by embracing opportunities in both Eastern and Western markets. He suggested that if economic instability persists in Western markets, Hungary will need to deepen trade relations in the East to sustain its growth trajectory.
The prime minister highlighted Hungary’s strengths in producing advanced automotive and defense technologies, which he considers critical to the country’s future economic growth. With surging demand for electric vehicles and batteries, PM Orbán anticipates “intensive growth” in these industries, forecasting that the Hungarian economy could experience a robust increase in production capacity. The much-anticipated launch of the BMW plant and the growth in battery manufacturing are expected to provide essential boosts to both employment and industrial output.
To further secure Hungary’s growth, the government plans to address challenges faced by young workers through initiatives such as the upcoming workers’ loan program. Available from January, this interest-free loan will help support Hungary’s young workforce, a demographic that includes approximately 300,000 eligible young adults who did not benefit from the existing student loan system. According to PM Orbán, the new loan scheme will offer financial aid to young people entering the workforce, providing greater support for them to establish independent lives.
Recognizing the need for fair wages, the prime minister underscored the importance of employer-employee negotiations to set competitive wages, a process that will be guided by the new leadership of Hungary’s Chamber of Commerce and Industry. He praised former president László Parragh for his contributions and indicated that newly appointed president Elek Nagy would play a significant role in facilitating these crucial discussions.
Looking ahead, PM Orbán introduced the Sándor Demján Program, an initiative designed to support Hungary’s small and medium-sized enterprises (SMEs). The program offers shared investment and business loans to help smaller companies expand their capacity and establish a stronger international presence. According to the prime minister, large corporations in Hungary have already solidified their market position, and it is now essential to empower SMEs to compete on a global scale.
Shifting focus to international affairs, PM Orbán noted the upcoming U.S. election as a pivotal moment that could alter global dynamics. He expressed hope that a potential leadership change could foster a more peace-oriented approach, reshaping the Western stance on issues like migration and family policy, which he believes could align more closely with Hungary’s values.
Next week, Hungary will witness an unprecedented diplomatic gathering as Budapest hosts over forty European leaders for what Prime Minister Viktor Orbán calls the “biggest diplomatic event in Hungary’s history.” This summit brings together leaders from EU nations, such as Germany, France, and the Netherlands, as well as the UK, Turkey, and regions in the Caucasus and Western Balkans. With a backdrop of critical geopolitical issues, the summit will address the competitive challenges Europe currently faces, particularly amid economic decline. Prime Minister Orbán noted the impact this event will have on Budapest’s normal flow, especially airport traffic, but stressed its significance for both Hungary and Europe as a whole.
The agenda will focus on Europe’s lagging competitiveness, with insights from former Italian Prime Minister and ex-European Central Bank President Mario Draghi, who has proposed solutions to strengthen Europe’s economic standing. Given the U.S. presidential election just days prior, the summit is set to bring complex discussions to the forefront as leaders explore pathways to reverse the continent’s economic downtrend and foster a more resilient Europe.
With significant global events on the horizon, PM Orbán asserted that Europe’s approach to ongoing geopolitical challenges, particularly the situation in Ukraine, may soon reflect a broader shift toward peace advocacy.
