The latest data shows that the Poles are earning more, industrial production is growing and unemployment is at a record low. Will the positive trend continue in the long term? – It looks really good. We maintain our economic growth forecast at 4.2%. – In an interview with tvp.info, he admits Piotr Arak, director of the Polish Economic Institute.
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The Central Bureau of Statistics reported in March 2021 The average monthly salary was 8% higher. every year. In turn, industrial production increased by 10% 18,9 Proc. On an annual basis, and compared to the previous month by 18,6 Proc.
Hence, the data on the economic situation in Poland appear impressive.
There were two components to that. The first is the adaptability of Polish companies. Our goods became more competitive in 2020. In the fall of last year, our industry started to accelerate strongly and at the beginning of this year is still achieving very high growth rates. This is due to the fact that furniture, electronics and household appliances, in addition to the Polish automobile and auto parts industry, have slightly replaced other suppliers. – Pewter see you say to tvp.info portal.
Industrial production increased 18.9% year on year in March. The best results were achieved by the manufacturers of electrical equipment and the automobile industry. There has also been a significant increase among furniture and textile manufacturers, who stopped production last year due to the collapse of supply chains. pic.twitter.com/aGoejSfzcq
Polish Economic Institute (PIE_NET_PL) April 21, 2021
The director of the Polish Economic Institute adds that the increases are higher than in other countries, which means that “our products are becoming more competitive”. The weakness of the Polish zloty against the euro may also have been significant.
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The second important component is state aid. This means that unlike many other countries, we have managed to reduce layoffs drastically. The next anti-crisis armor strongly affected the market and stabilized the situation as much as possible – the expert confirms.
Salary dynamics rebounded to 8%. As in the case of employment, the statistical effects will cause the increase to exceed 10% in April. NBP surveys of the economic situation indicate that after the statistical volatility ends in the third quarter, the dynamics will return to around 5%. pic.twitter.com/LkT27Pr5Hs
Polish Economic Institute (PIE_NET_PL) April 21, 2021
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The question is whether this positive trend will continue in the long term. The timing of the epidemic cannot be predicted, and successive waves of infections have shown that it is difficult to predict what lies ahead.
Today experts are changing their forecasts for 2021 to a minimum. Even the number “5” appears at the top of their economic indicators. We’re not that optimistic, but it actually looks good. Therefore, we keep our forecast at 4.2%. These are the first signs that our economy will be doing well, especially when services are soon launched in one way or another – because I hope that if vaccines go well, the economy will start to open up – Piotr see you.
And he notes that another big reason we’re making such huge gains now is because the start of last year looked so weak. The epidemic has continued to evolve, so the base we are now falling back on is low.
The average salary in the corporate sector rose in March by as much as 8% year-on-year and came to 5,929 PLN gross … This is the shape of wages in the long run, on the back of inflation. pic.twitter.com/XBB0crnL9Z
PKO Research (PKO_Research) April 21, 2021
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Also, the good market position is the result of state intervention. Assistance from the Anti-Crisis Shield is already in the billions of zlotys. This money goes to the entrepreneurs, but not always to the employees. Only the company’s operating costs can be paid for with this money, but some employees complain that it looks different.
– I am working on an authorization contract. I get 800 zlotys a month and I literally don’t have to buy bread. Meanwhile, the president flaunts photos from an exotic island – A resident of Malopolska complained to Tygodnik Podhalański. Unfortunately, there are more similar signals.
On the macro level, i.e. the amount of money provided to the economy, we can see that we have a wage increase, which means that employees have a good bargaining position with employers. We notice low unemployment, which also puts employees at a favorable rate. Moreover, as one of the few European Union countries, we have an increase in the employment rate among persons of working age. All of this indicates the staff position is looking positive – says Piotr Arak for tvp.info.
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The director of the Polish Economic Institute admits that, at the microeconomic level, that is, domestic companies, such problems have definitely arisen in the distribution of funds.
– Mechanisms are created so that employers maintain the hiring rate – and indicate and estimate that this assumption has been fully met.
Within the framework of these mechanisms, large sums have been allocated to support wages. But sharing more is always a matter of company-wide accountability. Especially in small companies. Therefore, it is worth advocating that all this money be distributed fairly – He says.
We started the process of recovering and settling benefits for companies that have benefited from the program # Financial Shield Polish Development Fund 1.0 and 346,770 companies benefited from this support. Of these, 41,799 can count on a 100% refund. # Codiv19 # Anti-crisis shield pic.twitter.com/zjWujYKnUO
– Grupa PFR (Grupa_PFR) April 20, 2021
# Anti-crisis shield
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