Fidesz has narrowly won back constitutional majority

HUNGARY - In Brief 08 Apr 2018 by Istvan Racz

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At today's parliamentary election, Fidesz has narrowly won back its previous two-third majority, providing it with the right to amend the constitution and high-power parliamentary acts. With 95% of all votes counted, Fidesz has 66.8% of all seats, followed by 13.1% held by the radical right-wing Jobbik, 10% by the Socialists, 4.5% by the pro-European, leftist Democratic Coalition and 4% by the green party LMP. The votes that have not been counted so far are likely to be tilted even more towards Fidesz, as they include most of the ones casted by ethnic Hungarians living abroad. Participation has been very high, around 70%. Fidesz has lost in Budapest, but won by a wide margin in the country.This scenario is generally considered as unfavorable for investors. Although the continuation of the Fidesz government implies stability in domestic politics, Hungary is increasingly likely to come under fire on the international front, because of PM Orbán's treatment of democracy and civil rights, and his many international conflicts, including mainly those within the EU. This is likely to be reflected in a reduction of the availability of EU transfers, so far a key factor that kept domestic economic growth robust. Should pressures on the Fidesz government intensify, analysts believe that PM Orbán could use his parliamentary supermajority to reinforce his power by further amending basic Hungarian law, to impose further restrictions on democracy and to increase control over domestic politics.It is also true, however, that the 133 parliamentary seats Fidesz has won in the new parliament is exactly the same number as the party's result at the previous election in 2014. Just as Fidesz l...