Hungary's opposition flags "New Deal" to kickstart stagnating economy

Hungary’s opposition leader Péter Magyar announced that his Tisza party will introduce a "Hungarian New Deal" to revitalise the country’s slowing economy through major investments and stable policies if it wins next year’s election.

Magyar’s centre-right Tisza party, currently leading Prime Minister Viktor Orbán’s Fidesz in most opinion polls, presents the strongest challenge to the nationalist leader after 15 years in power. Orbán is facing difficulties reviving an economy hit hard by inflation, while the recent announcement of 30% U.S. tariffs on EU goods by President Donald Trump adds further pressure on Hungary’s recovery.

Unveiling the plan at the Tisza party congress in Nagykanizsa, Magyar called for economic growth, investment, and consistent financial policy. He also pledged to tackle corruption and reclaim state-owned assets that he claimed were misappropriated over the past decade and a half.

Key elements of the plan include a comprehensive healthcare overhaul with an annual budget of 500 billion forints ($1.5 billion), expanded rental housing and construction initiatives, the modernisation of Hungary’s railways through national and EU funding, and investments in education and household energy efficiency.

Magyar, a former government official who entered politics last year, also vowed to unlock approximately €20 billion in EU funds that have been frozen due to disputes between Brussels and the Orbán government over concerns about democracy and corruption, accusations Orbán denies.

Although a date has not been set, parliamentary elections are expected early next year. In June, lawmakers approved Orbán’s 2026 budget, which includes significant tax breaks for families- a key voter base for Fidesz.

"People are tired of this regime. Tisza has become the platform for that frustration. People want change," said Edit Piroska Borsi, a retired teacher attending the congress.

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