Polish economy most resilient to virus crisis in EU

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The Polish economy is perceived as the most resilient to the pandemic crisis in the European Union, Bloomberg agency reported on its website.

The portal also quotes head of the Polish Development Fund (PFR) Pawel Borys as saying that Poland has already experienced its biggest decline and the economy is starting to recover from the crisis.

According to EU forecasts, Polish GDP will shrink by 4.3 percent this year and this will be the smallest expected drop among all EU countries, Bloomberg noted.

"In the second half of April we reached the bottom of economic activity," Borys told the agency. He added that this does not mean that May or June will not be difficult. He predicts that the GDP in the second quarter this year may fall by 10 to 15 percent.

"Everything points to the fact that it will take several months to overcome the crisis," Borys said. He warned, however, that "the effects of what is happening now will be felt for years to come."

According to the PFR head, the crisis in the Polish economy is similar to the model described by the letter "U" - this means a sharp decline and a certain longer period of recession and later on a gradual return to pre-crisis levels.