Analysis
Economy & Tech
Why Hasn’t Russia’s Wartime Economy Gone Bankrupt? Fuelled by Stimulus, Sustained by Uncertainty
31 January 2025
The past five years have seen a number of adverse events for Viktor Orbán’s government. Yet, while the quality of life steadily deteriorates, none of the crises proved fatal to the fortunes of his Fidesz party. In fact, he managed to turn them to his advantage thanks to the authoritarian control over the media, fearmongering and absence of charismatic opposition.
As spring temperatures rose to well above 10 degrees Celsius this month and the inflation rate finally plateaued, albeit at a whopping 25 per cent, Viktor Orbán could once again declare victory – this time over the cost-of-living crisis that has plagued Hungary for months.
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Around the summer of 2022, it seemed for a moment that his 13-year rule was fraying after the third clear electoral victory the previous April. Hungary seemed to have lost all allies in the EU over its ambiguous stance on Ukraine. At the same time, his time-tested political doctrine of fearmongering and polarisation on the domestic scene looked impotent in dealing with the deteriorating living standards and economic malaise.
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