Money Buzz! Europa

Tag: poland economy

  • Poland: New measures to support the economy amount to USD 10 billion

    Poland: New measures to support the economy amount to USD 10 billion

    Poland is set to start a program worth about 9-10 billion dollars, meant to help the economy cope with the effects of the second wave of the coronavirus pandemic (Covid-19), Reuters reports.

    The largest economy in CEE has weathered the first wave of the pandemic, but after a strong recovery in the summer it looks set to enter a recession in the fourth quarter, due to the effects of restrictions to stop the increase in confirmed cases of Covid-19.

    The new program will be worth 35-40 billion zlotys ($ 9.33-10.67 billion), of which three billion zlotys for micro-enterprises, five billion zlotys for small businesses and the remaining 24-27 billion zlotys for medium and large companies.

    During the first wave of the pandemic, the Warsaw government and the Central Bank of Poland adopted programs to support the economy, loan guarantees and liquidity measures worth more than 300 billion zlotys.

  • Poland’s economy recovered in the third quarter of 2020

    Poland’s economy recovered in the third quarter of 2020

    Poland’s economy has recovered in the third quarter of 2020, according to data released on Friday by the Statistics Office.

    Poland, the largest economy in Central and Eastern Europe, grew by 7.7% in the third quarter of 2020 compared to the previous three months.

    This is slightly below the estimates of analysts interviewed by Reuters, who expected an advance of 8%.

    Also, GDP decreased by 1.6% in the third quarter from the same period in 2019, while analysts forecast a decline of 1.7%.

    Last week, Prime Minister Mateusz Morawiecki announced new support measures to help Poland’s economy survive the second wave of the pandemic, worth 9-10 billion zlotys (2.4-2.6 billion dollars).

    The amount could increase by 5-10 billion zlotys if total restrictions are introduced, the Polish official explained, adding that the Government’s funding needs are already met.

    During the first wave of the pandemic, Poland introduced a support package of more than 300 billion zlotys to help the affected economy and companies.