Hungarian Prime Minister Viktor Orbán has conceded defeat in parliamentary elections, paving the way for a historic change of power in the country after more than a decade, Reuters reports.
The latest results show that the opposition Tisza party, led by Péter Magyar, has secured a clear victory, taking the majority of seats in the 199-seat parliament. According to preliminary data, the opposition has reached over 50% of the vote, significantly surpassing the ruling Fidesz party.
In a statement after the results were published, Orbán accepted the result and congratulated his opponents on the victory, stressing that “the will of the citizens must be respected.” This marks his first defeat since returning to power in 2010.
On the other hand, the opposition leader, Péter Magyar, described the result as a “historic moment for Hungary”, promising the country’s return to stronger democratic institutions and closer rapprochement with the European Union.
The turnout in the election was among the highest in recent years, exceeding 75%, reflecting the importance of this process for the country's political future.
The opposition's victory is expected to bring about a reorientation of Hungary's foreign policy, with a closer approach to the European Union and Western allies, after years of tensions with Brussels during Viktor Orbán's government. Analysts also predict changes in economic and institutional policies, including strengthening the rule of law and improving the investment climate.
On the economic front, markets may react positively in the short term due to expectations of greater stability and easier access to EU funds. However, experts warn that the political transition and the implementation of reforms may bring challenges in the first period of the new government.
