For 30 years, Poland has gone without recession, but that is about to change, says Jakub Sawulski, the head of the macroeconomics team at the Polish Economic Institute (PIE).
The European Commission has announced that the Polish GDP will drop by 4.3 percent, which despite being the lowest drop in the EU, will still present a serious shock to many Poles
“This is a very deep recession, comparable to what some European states experienced during the previous financial crisis in 2009,” Sawulski warned.
He admitted, however, that the forecasts for Poland are good when compared to other EU states, as their GDP will drop by a much larger margin, and the EU’s GDP will decrease by a forecasted average of 7.4-percentange points.
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EBRD upbeat on Central European economies
Economic growth in Central Europe and the Baltic states will remain above average both this year and in 2019, the European Bank for Reconstruction and Development (EBRD) said in its latest Regional Economic Prospects report.
