Hungary’s upcoming budget will test the bond rally
Hungary’s government will announce its long-awaited fiscal review this month, and we expect a budget deficit projection around 5.5% of GDP for 2027, down from a shortfall of more than 7.0% this year. We think this is roughly the minimum adjustment needed to avoid a negative market reaction, while a deficit target below 5.0% could help to trigger a further compression in bond spreads.
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