The quest for new solutions is paramount in an open economy
’Hungary is one of the most open economies, only microstates have a higher trade-to-GDP ratio,’ said István Attila Szabó, Deputy CEO of EXIM on Jazzy Radio's Millásreggeli.
Consequently, the Hungarian economy has been strongly impacted by the COVID pandemic and there is an inevitable setback in its export performance. By the first half of this year, 7.7% of the GDP drop (-13.6%) was related to the deterioration of our trade balance. As the official export credit agency of Hungary, EXIM considers it to be its number one priority to help Hungarian exporter companies to significantly reduce their trade related risks by providing various export receivable insurances. ’Before the COVID-19 only the so-called non-marketable countries were insurable, but now, the temporary framework of the European Commission allows us to provide risk coverage also within the European Union and in the developed OECD countries,’ said István Attila Szabó.
The full interview can be heard here.