Development in the New World

Europe is facing major economic and climate challenges today – the green energy revolution and work toward commodity independence await us. These challenges are intertwined, as perfectly demonstrated by the example of Central and Eastern European countries, including Poland. The Russian aggression against Ukraine has shed a new light on the latter challenge.

Recorded at slightly below 10% over recent years, the growth rate of Polish exports topped 20% in 2021. Central Statistics Office data for the first two months of that year suggest that this positive trend has continued.

Russia’s invasion of Ukraine has contributed to stagflation trends in the economy. Powerful migration movements have affected demand and the overall labour market. Having found itself in the frontline zone, Poland will nonetheless not suffer any decline in attractiveness as an investment destination.

Russia’s attack on Ukraine is the greatest test of international solidarity that the transatlantic community has faced since World War 2. Capital market institutions reacted quickly and decisively.

24 February 2022 was one of the most tragic dates in the history of the 21st century. Unprovoked, Russia attacked its neighbour, making the blackest scenario my political faction has been cautioning against come true. War in Ukraine should make everyone realise that the Kremlin and its policy are a threat not only to our region but to the world at large. Furthermore, Russia’s aggression against our neighbour should open all of Europe’s eyes to other things.

The ongoing multiple crises of the COVID pandemic, high inflation, climate change and Russia’s invasion of Ukraine pose formidable challenges to global growth and welfare. Policymakers will need to do their utmost to tackle them. But the ongoing crises also present an opportunity to re-build the world in a new, better and inclusive way.

Polish GDP would be much lower if not for workers from abroad. The challenge is to keep these people in Poland

The fundamental value offered by insurers, i.e. security, is today one of the most important and sought-after. To be able to take advantage of this, we must not only retain our capacity to adapt with lightning-quick speed in the face of conditions dominated by uncertainty, but also build future-proof competitive advantages. This calls for the most serious redefinition of the insurance business seen in years. PZU Group, the largest financial conglomerate in the Central and Eastern Europe with assets nearing 90 billion euro, has the potential, experience and new ideas needed to lead these changes and establish new standards for the insurance of tomorrow. Author Beata Kozłowska - Chyła PhD, DSc, CEO and President of the Management Board of PZU.

The refining sector in Europe has undergone a pivotal change over the last decade: as recently as ten years ago, refineries were considered to be industrial plants demonstrating the strength of an economy. Today, they are often issue assets for their owners. Author Karol Wolff director of Strategy and Strategic Projects Office, PKN ORLEN, Photo: press materials

The short- and medium-term condition of our defence industry will improve in the wake of the war in Ukraine, with a gush of procurement orders from the Ministry of National Defence. Trouble may be brewing long-term, as there is a shortage of new designs.

The marriage between business and science, a crucial factor in driving an innovative economy, can be a win-win situation. But some concessions need to be made first: entrepreneurs must think beyond profit, while scientists should look for a practical rationale for their projects.