Almost two-thirds of foreign companies operating in Poland said that their business condition remains “good,” despite Russia’s attack on Ukraine and high inflation. This is one of the key conclusions of the latest economic survey conducted at the request of the Polish-German Chamber of Industry and Commerce (AHK Poland) and 14 other chambers associated in the international IGCC network.
“This year, the market situation is again a challenge for investors. The pandemic, price increases and disruptions in supply chains continue to affect the economy. ” Dr. Lars Gutheil, CEO and member of the board of AHK Polska, said during a press conference, “Russia’s criminal aggression in Ukraine has significantly increased the pressure on companies. The fact that investors are not losing their optimism shows how strong foreign trade is. International companies together with their Polish partners make a significant contribution to the stabilization of the difficult political situation,” Dr. Gutheil added.
Nine out of ten respondents said their exports would increase this year or at least remain at the previous year’s level. Likewise, 90% of those polled expected sales to continue to grow or remain at a similar level in 2022. Some 30% of companies intend to increase the volume of their investments. An increase in employment is expected in over 2/5 of the surveyed companies, while 72% of respondents positively assessed the development of the Polish economy this year.
Among the factors influencing the attractiveness of doing business in Poland is membership of the European Union, which received the highest scores (94.8% of positive ratings). The second most important factor was employee qualifications. The quality and availability of local suppliers was ranked third. Respondents gave a low assessment in the fight against corruption and crime, flexibility of the labor law and labor costs. Predictability of economic policy and tax levels were rated the lowest (62.8% and 55.2% of negative statements, respectively).
The study also analyzed the economic consequences of the Russian attack on Ukraine separately. Some 80% of companies said it increases the cost of electricity, raw materials and overheads, while 65% expect disruptions in supply chains and logistics. 47% believe that there are increasingly fewer raw materials available.
About the survey:
From March to April 2022, the German-Polish Chamber of Industry and Commerce conducted a survey among member companies of the AHK Poland and international chambers associated with the IGCC. More than 200 respondents took part in the telephone survey and online survey.