Poland’s economy to slowdown but will still see future growth, says World Bank
The World Bank has forecast a significant slowdown in the Polish economy in 2020.
According predictions from the institution’s economists, at the end of March the Polish economy will slump to 0.4 percent. This would represent a serious decrease in growth from 4.1 percent that the Polish economy grew by in 2019.
However, the World Bank says it foresees a better 2021, where they believe the growth rate will reach about 2 percent. This is why they strongly support Poland’s historic intervention in the form of the ‘Anti-Crisis Shield’, implemented by Prime Minister Morawiecki and his government.
Marcus Heinz, Resident Representative of the World Bank for Poland and the Baltic States, said: “This is an unprecedented crisis on a global scale, with all regions of the world under serious stress.
“Poland is connected to European and global value chains and the coming months will bring a definite slowdown in the economy to levels that are hard to predict with any precision. The key thing now is to make sure that policy measures are generous, fast and well-targeted.
“There is need for investments in healthcare and support for businesses and the labour force, including those with the greatest vulnerability to the crisis. Business support programs should be designed with minimum administrative requirements, in line with the principle ‘help today, verify later’.”
While predicting recessions for several of Poland’s European neighbours such as Bulgaria, Croatia and North Macedonia, the report also notes that: “Poland has fiscal and monetary space to mitigate the adverse effects of lower global and domestic demand and shield its financially vulnerable populations, potentially leading to a quicker rebound in 2021 and 2022.”