For Hungary, the agency identified the budget as the most significant vulnerability and expects GDP growth to reach 1.6% this year and 2.3% in 2027. 

S&P projects that Hungary’s 2026 deficit could be reduced to 6.8% of GDP instead of exceeding 8% without intervention, with a further decline to 5.3% in 2027. The debt ratio is forecast to rise from 74.6% in 2025 to 76.3% this year and above 77% in 2027. 

S&P Global also noted that Hungary has drawn only 60% of available EU recovery funds and may receive fewer resources in the 2028–2034 cycle due to improved regional development levels.