STORY: :: Peter Magyar swears the oath as Hungary's new prime minister after ousting nationalist Viktor Orban
:: Budapest, Hungary / May 9, 2026
Magyar defeated Orban after 16 years in power in an April 12 election landslide, handing his Tisza party a constitutional majority that will allow him to roll back reforms critics say have weakened democracy.
Foreign investors and Hungarians alike have welcomed Magyar's victory, with the forint hitting four-year highs against the euro, bond yields falling and post-election polls showing more voters backing Tisza.
But any honeymoon for the 45-year-old leader may be short-lived, with the clock ticking to secure billions of euros in suspended European Union funding needed to kick-start the economy and shore up strained public finances.
Magyar inherits an economy that only just emerged from stagnation in the first quarter and now faces fresh headwinds from surging energy costs linked to the Middle East conflict, which could weigh heavily on Europe's import-reliant economy.
He has pledged to reaffirm Hungary's Western orientation. The NATO member had been seen as drifting towards the Kremlin under Orban, who opposed EU efforts to support Ukraine against Russia's invasion.
