In an historic victory with major European and global implications, Péter Magyar’s Respect and Freedom Party (TISZA) has scored a landslide victory in Hungary’s high-stakes parliamentary election, defeating the ruling Fidesz-KDNP alliance and ending Prime Minister Viktor Orbán’s 16-year rule.
On a record high turnout of 79.5%, TISZA comfortably won the popular vote (with 53%), while it also won in 93 of Hungary’s 106 single-mandate districts and is now on course to secure a two-thirds majority. Support for Orbán’s Fidesz is down to 38.4% and just 55 MP seats. Of the three smaller parties on the ballot, only the nationalist Our Homeland entered parliament with 5.8%, securing six MP seats.
In his victory speech, Magyar promised a pro-EU/NATO turn, an anti-corruption crackdown and more funds for public services, in addition to calling for the resignation of Fidesz-appointed public officials. The outcome will have major implications for Hungary’s foreign relations as Magyar looks to rebuild Hungary’s ties with Brussels (and secure Hungary’s suspended EU recovery funds in the process), preserve good relations with the US and end Russian energy dependence by 2035.
A swift government formation is expected, with the new cabinet to be led by Magyar as PM and appointed by the new parliament by May 12. The government is expected to be restructured and include several standalone ministries responsible for different policy areas, including digitalization, healthcare, education and environmental protection.
With TISZA’s two-thirds majority, significant constitutional changes are expected. The new cabinet will face a critical deficit level after the central budget reached nearly half of its annual deficit target by February. Accordingly, significant fiscal adjustments may be required to stabilize the economy and the public debt which has tripled since 2010, with businesses likely to be impacted as the new cabinet will likely seek to avoid direct austerity measures on consumers.
