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Orban Addresses President, Former Minister Resignations in SONA

HUNGARY
  • Prime Minister Viktor Orban delivered his annual state of the nation address in Budapest on Saturday. Orban addressed the resignation of the president and the former justice minister over a presidential pardon issued in a child abuse case. The scandal resulted in tens of thousands of Hungarians protesting against the government on Friday, calling for reforms in the country’s neglected childcare system.
  • While Orban acknowledged the "tireless" work of Katalin Novak, he said her resignation was "the right thing to do" and would "make us stronger". Other issues Orban spoke on include the upcoming vote on Sweden’s NATO accession, Hungary’s transition to green energy and the upcoming elections in the US.
  • Hungary's state debt relative to GDP reached 73.5% at the end of 4Q-2023, preliminary data released by the National Bank of Hungary show. The state debt ratio fell from 75.1% at the end of Q3 and from 74.0% at the end of 2022.
  • There are no economic releases on the docket today. Average gross wage data (Est: +13.8% y/y; Prior: +13.9%) and unemployment rate figures (Est: 4.3%; Prior: 4.2%) are the highlights on the local slate this week.
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