Image : Jacek Dylag ( Unsplash ).
A EYE ON POLAND
We place the spotlight on economic growth forecasts for Poland as well as financing and funding opportunities for manufacturers .
“ Growth is expected in Poland this year mainly because of factors that support consumption : decelerating inflation ; real wage growth and tight labour markets as well as higher social transfers and benefits .”
Poland , which acceded to the European Union in 2004 , is located at the heart of Europe and connects Asia to Western Europe with excellent transport infrastructure . Four main European trade corridors intersect in Poland . Three key rail corridors pass through Poland ’ s territory and it is a key European logistical hub ; the Deepwater Container Terminal Gdańsk ( DCT Gdańsk ) and the Central Port in Gdańsk are two examples .
“ Prior to COVID-19 and the war in Ukraine , Poland was one of Europe ’ s fastest-growing economies . Growth averaged 3.7 % per year over the decade to 2020 , lifting living standards to around 80 % of the OECD average . Gains in labour productivity and sound macroeconomic policies were the main drivers of those achievements . The economy has also benefited from high levels of inward investment , strong participation in global value chains and a shift towards higher-value activities ,” commented the OECD earlier this year .
Since Russia ’ s invasion of Ukraine , Poland has welcomed and integrated over one million refugees from Ukraine providing public services , school places and employment . Its population is very well educated ; as many as 92 per cent of its citizens ( aged 25-64 ) have at least a secondary education . There are almost 1.3 million students studying at Polish universities , with large numbers of students majoring in STEM faculties ( science , technology , engineering and mathematics ).
The World Bank increased its annual GDP growth forecast for Poland to 3 % in 2024
Polish growth forecast
On 11 April 2024 , the World Bank increased its annual GDP growth forecast for Poland to 3 % in 2024 . This was primarily on the back of the recovery in private consumption . However , economic activity in the emerging and developing economies of the Europe and Central Asia region is likely to slow this year as a weaker global economy ; tight monetary policy ; the slowdown in China and lower commodity prices weigh on the region ’ s growth outlook , according to the World Bank ’ s Economic Update for the region .
The GDP growth forecast for Poland was increased by 0.4 ppt compared to the Bank ’ s October projections . Stronger growth is
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