Blooming marvelous! PM tells Bloomberg Poland’s recession will be ‘mild’ and złoty is strengthening

The PM said Poland will have the “mildest recession” in the European Union. Bloomberg

The prime minister has said Poland will have the “mildest recession” in the European Union as the country looks to rebound from the economic hit caused by the Covid crisis.

In an interview for Bloomberg Mateusz Morawiecki also said that the złoty, which had fallen to an 11-year low in the initial stages of the pandemic, was strengthening and could continue to do so.

The prime minister’s comments, which are in line with market players who also expect the złoty to grow, come as predictions for the Polish economy improve.

In his interview with Bloomberg, Morawiecki also said that the złoty, which had fallen to an 11-year low in the initial stages of the pandemic, was strengthening and could continue to do so.Bloomberg

Forecasts for the country’s economy are promising and the already published data is not as gloomy as previously expected.

Although Poland faces recession for the first time since the end of communism, initial estimates that GDP will contract by 4.6 percent in 2020 have now been revised to 3.5 percent.

The PM told Bloomberg: “[Poland] will have the mildest recession in the European Union.

The PM added that the economic recovery will be supported by the European recovery plan.Bloomberg

“According to data from the European Commission and the OECD, Poland is going to have the lowest drop so the recession will be softest in the EU.

“Hopefully from the GDP perspective we are going to be the best, or one of the best, in the EU.”

Addressing the value of the national currency the prime minister struck a further optimistic note.

Morawiecki said: “Hopefully from the GDP perspective we are going to be the best, or one of the best, in the EU.”Bloomberg

“We’re not concerned with the current level of the zloty at all,” he said.

“It’s good for the stability of our economy, it’s good for our export industry and at the same time it does have the potential for further strengthening.”

He added that the economic recovery will be supported by the European recovery plan.