That might have been more challenging, or at the very least more constrained, in a recession than in times of economic plenty, but the variables were relatively easy to understand. And, if you needed to access a loan, whether for capital expenditure or, in effect, to buy your way out of trouble, well, at least the money was cheap. Everyone, it seemed, had a plan.
But as the former undisputed world heavyweight champion turned troubled sports star turned cannabis entrepreneur Mike Tyson famously said, “Everyone has a plan until someone hits them in the mouth.” The “Baddest Man on the Planet” also apparently warned, “You can’t be surprised by anything. Expect everything.” He had a point because, since 2020, we have endured COVID-19 and its subsequent post-pandemic supply chain breakdowns, a major European war, an energy crisis and high inflation. CEOs have had to learn new skills, and agility has trumped all.
At our latest CEO Boardroom Meeting roundtable on Tuesday of this week, graced by Barbara Wassen, Hungary’s Ambassador-at-large for Climate and Tamás Lőcsei, PwC’s former country managing partner, one of the topics we discussed was how difficult it has become for businesses to plan given the on-off nature of the Trump Tariffs. Lőcsei argued that CEOs have a more difficult job today than ever before because there are so many more unknowable variables being thrown up at a time when planning for the digital transition, and the impact of AI alone would be more than enough. He also agreed that the likely accession of Bulgaria to the euro at the end of next year puts more pressure on Hungary to join the common currency. However, he again insisted that Hungary should only join when its economy is strong, a view he has long held and shared at Boardroom Meetings.
If those were some of the economic takeaways from the latest roundtable, the phrase that stuck with me came from the energy side of the conversation when Wassen said the reality of the transition away from carbon-based fuels is that “Green will not be cheaper, but Brown will become more expensive.” She also warned that decarbonization alone will not be enough. Electrification will require plenty of technological innovation, especially around battery storage. The grid must be overhauled to improve connectivity, and the energy sources of today and tomorrow will need to be multiple: nuclear, wind, solar, hydrogen, biogas, geothermal and pumped hydro (storing water at height for when energy demands soar and then releasing it to generate power). She also revealed that the peak energy requirement leading up to Sunday lunch is known, to Hungarian planners at least, as the húsleves (meat soup) peak load. Governments and grid operators mess with that at their peril!
Robin Marshall
Editor-in-chief
This editorial was first published in the Budapest Business Journal print issue of June 16, 2025.
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