Polish economy, public finances in very good shape - FinMin

The Polish minister of finance has praised the condition of the Polish economy and public finances at an event aimed to discuss solutions for the industry currently facing a difficult situation.

Tadeusz Koscinski, on Wednesday, told the Industry Next Congress in Poznan, western Poland, that when talking about the current climate for manufacturing in Poland, one should take into account the country's unemployment rate and the ratings of international rating agencies.

"For me, unemployment is one of the most important parameters. We have record low unemployment in Poland at the moment and I think it is crucial for all of us," he said.

"The second indicator is whether international rating agencies maintain our rating," Koscinski added commenting on the new rating review for Poland by Fitch.

Last Friday, the agency confirmed the long-term rating of Poland in foreign currency at 'A-' with a stable outlook. At the same time, Fitch upgraded Poland's short-term foreign currency IDR (Issuer Default Rating) to 'F1' from 'F2' due to its robust international liquidity position.

The agency also raised Poland's GDP growth forecast for 2021, 2022 and 2023. According to Fitch, the Polish economy is expected to expand by 5.2 percent this year (4.4 percent in the agency’s previous forecast), by 4.5 percent next year, and by 3.8 percent in 2023.

"This is a really very important indicator for us that despite the turbulence the whole world, Europe and Poland are going through, the last year's recession, what we have done is appreciated by rating agencies," Koscinski said.

"Those bold moves we made a year ago, the liquidity we pumped into the market to save jobs, to save companies, have passed the test," he said.