POLISH ECONOMY

Every year, the holiday season results in increased interest in the subject of Poland’s accession to the euro area. This is reflected in the media during the holiday period, with authors pointing out the benefits that would arise from abandoning the national currency and the sovereign central bank.

Increasing the share of bullion in foreign exchange reserves is a way to diversify deposits in the face of macroeconomic and geopolitical uncertainty.

After a slump during the pandemic, since early 2021 there has been a run of good luck in companies operating in Poland.

Poland has repeatedly stood out due to its economic successes and resilience in the face of external shocks. Recent years have been no exception either, with stronger growth than many other economies despite extremely challenging external conditions. 

Grażyna Ancyparowicz: High and dangerous inflation occurs only after extraordinary events such as we have seen recently: epidemics on a global scale, shocks to major commodity markets, wars.

Poland is building the most powerful army in Europe. Having been in progress for several years already, the intense modernisation and rearmament process picked up speed in the wake of Russia’s aggression against Ukraine – and is a major challenge to state finances.

Some economists speak of the uncontrolled growth of public debt, while others argue that there is no reason for concern and that Polish debt is one of the smallest in the European Union relative to GDP.

Exports as a percentage of domestic GDP reached an all-time high of over 60 per cent at the end of Q1 2023.

The coming 2-3 decades will be about abandoning fossil fuels in energy generation in favour of zero-emission sources, such as photovoltaics, windfarms, and – last but not least – the atom. The estimated costs total in the hundreds of billions of zlotys.

As a measure of our economic success over the past 30-plus years, which is unprecedented in the modern world, Poland has one of the lowest unemployment rates in Europe and a steady increase in employment.

The global turbulence unleashed by the pandemic followed by Russia’s aggression against Ukraine hit Poland particularly hard, but data shows that Poland post-crisis looks strong compared to other EU countries.

For the past three decades, the Polish economy has astonished the world with its growth and resilience to crises. This would not be possible without a secure financial system. Even during recent extreme threats like COVID-19 or the war in Ukraine, the lifeblood of the economy has not experienced a heart attack or even a blood clot.