Polish public finances in very good condition - FinMin

According to Kościński, next year's deficit will be "slightly smaller." Maciej Kulczyński/PAP

The state budget is prepared for the crisis, and public finances are very healthy, Polish Finance Minister Tadeusz Kościński told the Economic Forum 2020, in Karpacz, southern Poland, on Wednesday.

In Kościński's opinion, the actions taken so far by the Polish government to combat the negative economic effects caused by the epidemic are "buying a bridge, that will allow us to get through the crisis." He added that another nationwide lockdown was very unlikely.

The finance ministry foresees that in the whole of 2020, GDP will fall by 4.6 percent against a growth of 4.1 percent a year ago and a growth of 3.7 percent assumed in the original 2020 budget. The state budget deficit is to amount to PLN 109.3 billion (EUR 24.56 bln).

Among the components affecting the size of the budget deficit this year, Kościński pointed to epidemic-related spending on health care and to save jobs, and the liquidity of companies, as well as on local investments, "which will boost businesses and create new jobs."

He added, however, that each month brings more tax revenues.

According to Kościński, next year's deficit will be "slightly smaller."

Kościński said that forecasts for this and the coming year suggested the Polish economy will manage to overcome the epidemic-caused crisis very quickly and will remain one of the EU's least recession-hit economies.