Hearts of Iron III/Hungary

Hungary is something of a mixed bag. Once one of the great powers of Europe, it is now a shadow of its former self. However, with some careful guidance, it can be a major power once again.

Introduction
Hungary is a regional power, with less Industrial Capacity and Manpower than the great powers like Germany and the Soviet Union, but still a fair amount. It also starts with a fair number of infantry divisions and plenty of generals. Unfortunately, it's lacking in Leadership and Technology, and the divisions are generally undersized. Plus, there will be chronic resource shortages, made even worse by the lack of any coastal provinces.

Military
Hungary has enough IC to build armor and the like, but is lacking the resources to make the most of them. Combined with its large starting army of infantry, it is therefore advised to make an infantry-based army, with appropriate technologies. You can also support them with Artillery brigades to give them the extra firepower they need. Ignore naval power; having a coast is a best-case scenario for Hungary, and there's no way any navy you'll make will match that of the British or Italians. Last off, be sure to have at least a small air force of Interceptors for defensive purposes. Make sure to build new air bases as necessary; there aren't many in this area.

Alliances
Of the three factions, Hungary is best aligned with the Axis, as in real life. They provide an excuse to invade and annex neighbors, are easy to join before the war begins, and are a major power in your part of the world. Otherwise, it's possible to try to go at it alone, conquering neighbors before the war goes fully underway and becoming a true world power.

Strategy
One of the interesting things about Hungary are its core provinces in other nations. These include parts of Czechoslovakia, Yugoslavia, and Romania. In some way, shape, or form, you'll be wanting all of these territories. Aligning with the Axis early on grants the Czechoslovakian portion of territory to be gifted to Hungary, and also provides a route to attack Poland and gain even more territory. Yugoslavia can be invaded early on, or you can wait for Germany and/or Italy to help. The Romanian provinces can be annexed peacefully via The Second Vienna Award, that lowers your relationship with Romania in return for more land.

Reacquiring and keeping your core provinces should be your minimal goal. However, this can easily be done by mid-1941 or so. This, however, is when the German invasion of the Soviet Union often starts. And if you're a member of the Axis, you'll get dragged into the affair.

War with the Soviet Union can be difficult, especially if certain nations like Bulgaria and Finland don't join the Axis. The Germans be occupied holding off the British, meaning you could be the only sizable power fighting the Soviets at full strength. The worst part of this is their legendary manpower, which can overwhelm you in a long war.

Winning the war in the first six or seven months would be nice, but is unlikely in many situations, especially with your armor-poor army. Instead, just try to carefully advance, keeping up with the German and/or Romanian portions of the front, and try to avoid losing ground during bad times. DON'T make a load of divisions; you'll need to save the manpower to replace casualties. Even minor and successful fights over a single province can take up a point of manpower each, and you'll likely enter the war with under 50.

Economy
Hungary's greatest weakness is a lack of resources. Conquering Yugoslavia or Romania early on will net you their reserves and provide you with coastal provinces to trade with the rest of the world from. If this is impossible, just do the best you can to juggle between different shortages of Rare Materials, Energy, and Metal. Fortunately, with your Infantry-based army, Oil won't be a problem.