Hungarian PM warns high energy prices could collapse Europe's economy

Hungarian Prime Minister Viktor Orban has warned that sustained high energy prices in Europe, even after the resolution of the Ukraine conflict, could lead to the collapse of the continent's economy.

Orban expressed deep concern over the ongoing rise in energy prices, stating, "Energy prices in Europe are rising, and this will kill the economy," Caliber.Az reports via Hungarian media.

The prime minister underscored the critical economic challenge posed by soaring energy costs, which he believes threaten the stability of Europe as a whole.

Orban also voiced skepticism about the EU's ability to address the crisis. He expressed doubts that the Budapest Declaration of 2024, which aims to lower oil and gas prices, will effectively resolve the situation.

However, Orban remains optimistic about the potential for economic recovery in the event of peace in Ukraine. He noted that the settlement of the ongoing conflict would be a positive sign for the global economy and, specifically, for Hungary.

"We expect a very powerful positive external impact on Hungary's economic situation," he emphasized, highlighting the potential benefits of peace for both the Hungarian and European economies.

The Hungarian Prime Minister expressed optimism that progress in resolving the Ukraine conflict could lead to an improvement in the economic situation across European countries. He believes that the de-escalation of the conflict presents an opportunity for recovery in the region.

However, Orbán also stressed that steps from key European capitals—particularly Brussels, Paris, and Berlin—are essential to address the rising cost of energy. "European countries are not taking relevant decisions," he emphasized, underscoring the need for decisive action to reduce the costs of energy carriers and mitigate the economic challenges facing the continent.

By Vafa Guliyeva