According to the new president of the banking association, Hungary may be a winner of the crisis

By: Trademagazin Date: 2020. 05. 26. 11:10

The current crisis has found the banking sector in a much better position, and Hungary now has a good chance of performing well, said Jelasity Radován, President and CEO of Erste Bank and the newly elected President of the Hungarian Banking Association, in an interview with MTI.

The president, elected for the period 2020-2023, explained that the coronavirus has not only brought social and societal changes, diverting the masses to teleworking, online education or even the use of digital solutions such as digital financial services, but also rewriting economic ties. The world will not be the same as it was before the virus, which in itself could be a huge opportunity for the Central and Eastern European region. In the supply chains, in addition to price, geographical distance will now also be decisive, regionalization will increase, from which Central and Eastern Europe can emerge as a winner, he said.

He emphasized that the measures taken by the government and the MNB could avoid a crisis similar to the economic downturn of 2008. “Economic funds are stable, the general government deficit is moderated, the banking sector is stable, and economic growth has been robust until early March, all of which is encouraging,” he explained.