Euler Hermes: Bankruptcies to fall by 3% in 2016

In 2016, Poland will see a drop of 3 percent in the number of bankruptcies, because "conservative export strategy still works," said Euler Hermes, a credit insurance company. "Our monoculture of exporting to developed markets weakens the effect of the downturn and an increased number of bankruptcies in developing countries," said Tomasz Starus, member of the board of Euler Hermes in Poland. "This increase may, however, hit Polish companies indirectly, which are suppliers of Western exporters to Asia, Brazil and Russia...It reflects the growing international dependence of Polish companies and the economy - as nearly 50 percent of our GDP comes from exports, therefore, the situation in even distant Asian markets should be analyzed in Poland," Starus added.