Despite the global slowdown in economic growth to the lowest point in the last decade, there are five reasons why Poland’s economy is still developing rapidly, said Adam Glapiński, the head of the National Bank of Poland (NBP).
He said that the first reason is that Poland has “a large and swiftly growing internal market.”
Secondly, the NBP head said that “although the economic growth is fast in Poland, it is balanced and does not lead to macro-economic tensions.”
Thirdly, he cited the “high level of competitivity of the Polish economy” and the beneficial production structure which allows for a steady increase of exports.
The fourth reason was Poland’s solid public finances and the fifth reason was the “significant” income flowing from EU funds.
Glapiński explained that overall, the main reason behind Poland’s strong economy despite the global slowdown is the country’s “solid macro-economic foundations” due to which Poland will “remain a European leader in growth in the upcoming years.”
Poland’s economy is growing faster than Germany’s
The NBP head said that in Q3 of 2019 that Poland’s GDP, although slightly lower than previously, is still among the highest in Europe and higher than Germany’s, Poland’s main trading partner.
“In all of 2019, the GDP growth in Poland will exceed 4 percent, whereas in Germany it will reach only 0.5 percent,” he said.
Glapiński also referred to the recent forecasts of the OECD, which says that Polish GDP growth will be one of the fastest among the 36 member states in 2019 and 2020.
Glapiński added that the global decrease in growth should not worsen and that in 2020, there will be an improvement in the growth’s dynamic.
In the Glapiński’s opinion, the combination of strong fundamentals, entrepreneur strength, consumer optimism, and responsible macro-economic policy is what will allow the Polish economy to maintain its good economic growth despite the temporarily weak global economic situation.