The GDP Growth in Poland After the Pandemic in Numbers
The global pandemic has had its economic effects worldwide and Poland is not an exception. Although during this tough period, Poland has become one of the beneficiaries of the new nearshoring trend. As a result, Poland’s economy will likely expand by 5 percent in the coming two or three years, according to the head of the Polish Development Fund. He states, that the country will return to its pre-pandemic economic activity in the third quarter. So most likely it will be among the first three countries in Europe to make up for the losses.
Moreover, in the Doing Business 2020 ranking, in which the World Bank’s economists evaluate regulations facilitating business activity, Poland scored 76.4 out of 100, which means 40th position among 190 world economies. Poland’s performance exceeded those of other Central and Eastern European countries, including the Czech Republic, Slovakia, Hungary and Romania. The Polish economy is also not far behind Western European countries such as Germany and France, which scored 79.7 and 76.8, respectively.
The current economic data show that 80-90 % of all sectors have already returned to very good condition, while the ones which have been closed due to the pandemic can start operating regularly again to compensate for the loss.
As for the inflation, Borys said that, at the moment, it was not a barrier to economic development: “It is better to be overcoming the crisis with higher inflation than with high unemployment”.
The Consumer Price Index (CPI) increased by 4.8 % yearly and by 0.3 % monthly in May 2021, according to the Central Statistical Office’s estimate.
The GDP in Poland was worth 592.16 billion USD in 2019, according to official data from the World Bank and projections from Trading Economics. The GDP value of Poland represents 0.49 percent of the world economy. According to Trading Economics global macro models and analysts’ expectations, GDP in Poland is expected to reach 550.00 Billion USD by the end of 2021.
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