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Magyar sworn in as Hungary's prime minister on promises of change
Peter Magyar’s Tisza party won a landslide in the April 12, 2026 election, granting a constitutional two-thirds majority. He was sworn in as Hungary’s prime minister on May 9, 2026, promising to change the government and the system. The new government faces economic headwinds, energy costs, and the fight to secure EU funds.
Why It Matters
Magyar’s rise ends Viktor Orban’s 16-year rule and could reshape Hungary’s domestic reforms and EU relations. The administration faces urgent economic challenges and the task of securing billions of euros in EU funding.
Timeline
7 Events
May 9, 2026 – Magyar sworn in as prime minister; initial response
May 9, 2026
Peter Magyar was sworn in as Hungary's prime minister and pledged to open a new chapter of change. Foreign investors and Hungarians welcomed the victory; the forint hit four-year highs against the euro, bond yields fell, and post-election polls showed more voters backing Tisza. Magyar said the budget deficit could approach 7% of output this year.
May 2, 2026 – Magyar meets European Commission chief Ursula von der Leyen
May 2, 2026
Mr. Magyar met European Commission chief Ursula von der Leyen for talks.
April 12, 2026 – Election delivers landslide for Tisza; Orban defeated
April 12, 2026
Peter Magyar's Tisza party won 141 of 199 seats, securing a constitutional two-thirds majority; Viktor Orban was defeated after 16 years in power in the April 12 election.
April 2026 – Orban says he will not sit in parliament
April 2026
Viktor Orban said he would not sit in parliament — giving up the seat he won — for the first time since the country’s democratisation in 1990.
April 2026 – Magyar calls for resignations as part of 'regime change'
April 2026
Magyar urged the president and other Orban allies to resign as part of his 'regime change'.
April 2026 – Budget deficit reaches 71% of full-year target
April 2026
Hungary's budget deficit had reached 71% of the full-year target by April, driven by Orban’s pre-election spending.
March 31, 2026 – Hungary's economy shows signs of emerging from stagnation in Q1 2026
March 31, 2026
Data indicate Hungary's economy emerged from stagnation in the first quarter of 2026.