EME Macro/Strategy: Hungary – the Tisza policy programme
On 12 April, Hungarian citizens will be called on to choose the next Prime Minister for the coming four years. The election campaign has been intense over the past year and seems to be in favour of the opposition party, Tisza. The party is counting on improving the flows of EU funds, by fighting corruption aggressively and reinstating a more predictable business environment. We warn that the implementation of institutional reforms is complex, but accelerating EU funds inflows, by 1% of GDP, from 2027E, is realistic. The outlook for GDP growth in 2026E is dependent primarily on the auto industry. Tisza’s genuine fiscal stance, going forward, is ambiguous, and we caution that the costs of production in Hungary are likely to rise, due to tightening labour and environmental rules.
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Our equity market share reflects our stature: 7% in Warsaw, 20% in Bucharest, 16% in Hungary, 40% in Prague and 5% in Vienna. Our distribution is unparalleled, with the largest salesforce in the region, servicing a uniquely diverse investor base.
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