Poland well prepared for second wave of epidemic - development fund head

Tytus Żmijewski/PAP

The Polish economy is well prepared for the second wave of the coronavirus pandemic, head of the Polish Development Fund Pawel Borys said during the 10th European Financial Congress, which began online on Monday.

However, Borys added that unfortunately, the current second wave probably means that "we still have difficult months ahead of us" but said that the domestic economic system "is well prepared" to face coronavirus pandemic-related challenges.

He argued that deposits are more than PLN 50 billion higher than they were in March, so companies have a fairly solid liquidity cushion. According to Borys nearly 50 percent of Polish companies state that they have sufficient financial reserves to last for at least three months.

He assessed that the current situation on the labour market is stable and said that Poland will not face an economic lockdown.

Borys expressed hope that the enterprise sector and the labour market will manage to navigate the upcoming period "safely, without bankruptcy and without a significant jump in unemployment."

Borys also pointed out that economic activity is around 93-95 percent of the pre-COVID level and that the third quarter saw a strong economic rebound and that he hoped the next quarter or two will not cause a sharp slowdown of this trend, although he did not exclude the possibility of an economic slowdown in the future.