search

Tuesday, March 19, 2024

The Modern Art from Princes Lubomirski Collection

The art collection of Princes Lubomirski has been extended for centuries and today, thanks to the collector’s passion of Prince Jan Lubomirski-Lanckoroński, it also...

Ode to Freedom

On the eve of the second anniversary of the Russian invasion on Ukraine, the prestigious Deutsche Grammophon label released a recording of a moving...

History Repeats Itself.

It is often said that we should learn from history to avoid repeating the mistakes of the past. This has never been more appropriate...

Poland notes €10.5 bn trade surplus in 2023

According to Central Statistical Office (GUS) data, Poland had a foreign trade surplus of €10.5 billion in 2023, with the country’s largest partner again...

MIPIM 2024: New challenges for the real estate market

The global real estate market is slowly recovering from the turbulence of recent years, and MIPIM 2024, organized for the 33rd time from March...

EC lowered its forecast for Poland’s GDP

On Friday 11 November, the European Commission lowered its forecast for Poland’s GDP growth in 2022 from 5.2% to 4.0%, and in 2023 from 1.5% to 0.7%. According to the Commission, an economic rebound is to take place in 2024, when the economy will grow by 2.6%.

“Economic growth is expected to decelerate markedly in 2023 and 2024, before turning negative in early 2023. (…) Despite elevated inflation, private consumption growth is expected to remain strong thanks to strong political support, low unemployment and influx of displaced persons from Ukraine,” the commission writes.

The Commission also raised its forecasts for inflation in Poland – in 2022 to 13.3% (in July it forecast 12.2%) and in 2023 13.8% (in July, it forecast 9%). Inflation is expected to stabilize in 2024, falling to 4.9%.

Inflation in Poland is rising “due to rising commodity prices, rising production costs and relatively high demand, which allowed companies to pass costs on to consumers,” the commission says.

“In the future, despite the government’s electricity price freeze, energy price inflation is expected to remain high, mainly due to the increase in natural gas prices, especially in early 2023. Support measures, in particular VAT rate reductions, are expected to be withdrawn in January 2023, also putting upward pressure on energy prices. Nevertheless, the EC estimates that after peaking at almost 19% in early 2023, inflation will fall to 4.3%. at the end of 2024.

EU officials forecast that the unemployment rate will rise only slightly to 3.1% in 2024. “In turn, high inflation allows companies to adapt to rising energy prices by lowering real wages, which are to fall in 2022 and 2023,” it notes.

Sylwia Ziemacka
Sylwia Ziemacka
“I believe our unique selling point is that we focus on what brings us together. Poland Weekly offers something you will not find anywhere else: a truly international and unifying perspective focused on content that builds cooperation and mutual understanding. This attitude doesn't make us naïve, but it allows us to focus on mutual understanding and a search for solutions. There are so many new challenges that we are all facing, such as energy transformation, climate change and supply chain disruption, to name but a few. By working together and sharing good practices, we can achieve so much more.”
MUST READ