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Orban Raises Ire of Opposition in Charged Party Speech

HUNGARY
  • Orban spoke Saturday at the Fidesz party event in Romania, pushing against the EU’s push toward federalism, while striking a more positive tone toward China – identifying the country as the emerging new global power. Orban also raised criticism from Czechia, after the Hungarian PM stated that Prague had “switched sides” on EU federalism.
  • On the economy, Orban claimed that the worst of the economic impacts of the Coronavirus pandemic and the Russian invasion of Ukraine are now over, despite the events derailing the Hungarian economy.
  • Orban affirmed his government’s target of doubling the size of the Hungarian economy by 2030. The plans involve reducing energy dependency on other nations from the current 28% to zero in seven years. He concluded that Hungarian lending rates will normalize and return to an acceptable level by Q2 2024 “at the earliest”.
  • The opposition criticized Orban’s speech, stating that he failed to offer any answers for Hungarians, arguing that the government are acting in foreign interests, not those of the nation.
  • Economic sentiment data for July rose to -17.5 from -20.4 previously. No key macro releases due Monday, with focus on tomorrow’s NBH rate decision, at which the bank are expected to further narrow the gap between the upper-end of the rate corridor and the bank rate of 13.00%.
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