“We can be optimistic about coming months. We have a chance for a strong economic recovery,” said Mateusz Morawiecki, Poland’s prime minister, during his meeting with entrepreneurs at the European Economic Congress in Katowice.
“According to data gathered by the European Commission, our economic parameters are good and - taking into consideration the situation we are in - we could even say they are very good,” the prime minister commented on the economic situation, “We have had the highest in 30 years balance on the current account, the inflation rate - according to the latest data - is decreasing, just as we said it would a few months ago. What we are more worried about at the moment is deflation,” enumerated Morawiecki.
He did admit, though, that the pandemic has hit the global, and at the same time Polish economy, which is why the most important task for now is stimulating the economy and a quick recovery.
“It is pivotal that we make the right use of European resources available under EU’s multiannual financial framework and the European Recovery Plan. It is going to be a substantial amount of money and I would like it to be spent on innovations, as in the long-term perspective they are going to support the increase of productivity,” he continued.
The next factor contributing to a faster economic growth - according to the prime minister - will be a low cost of raw materials. “In the years when prices were at their peak we would pay up to PLN 75 billion for oil and gas; today it is about PLN 50 billion,” claimed the politician.
The prime minister admitted that the budget deficit and public debt have increased significantly, but "in the current situation it is a frequent occurrence all over the world".
Answering questions from the entrepreneurs, Morawiecki announced moving supply chains from the Far East, and especially China, where they have been located in the last 20 years, to closer locations.
“It is a major programme. It will not result in a 1% increase of GDP over a period of a few months but in the perspective of a few years it might boost development,” said the prime minister. “It is already happening. We have been involved in promising negotiations with Toyota. At the moment we are transferring some processes back to Poland,” he added.
Mateusz Morawiecki responded to allegations of financial aid being encumbered by too much bureaucracy. “It is natural that bureaucracy might hinder the entire process at times but I have spoken to hundreds of business owners and they would tell me that it was the fastest distribution of financial aid in history. Bear in mind, however, that in the case of large companies the procedure is subject to notification by the European Commission” remarked the head of the Polish government.
Mateusz Morawiecki promised that the HoReCa and MICE industries will also receive support. “They have received substantial financial aid but we are well aware of the fact that these two industries have been hardest hit by the crisis,” observed the prime minister. He mentioned an act in accordance with which these industries shall receive PLN 800 million. “On August 1st we implemented the travel voucher amounting to a few billion zloty,” he continued.
When asked about the VAT on products and services of companies operating in these industries, he responded by saying that the new VAT matrix included decreases in prices of a few hundred products. “Had we decreased revenues from VAT by another few billion zloty, we would have been attacked for further increasing the public debt and budget deficit,” the prime minister explained.
Morawiecki also announced plans to support the digitalisation of the Polish economy. “We will develop digital technologies, both in terms of processes and investments,” he said.
The prime minister also declared that the government will draft a bill that would introduce Real Estate Investment Funds (a type of funds allowing to invest on the real estate market) into the Polish legal system. The bill was abandoned a year ago. “It is a great instrument increasing the offer of savings products available for the society and smaller investors. The previous project was far from perfect when it comes to its social side, which is why it needs to be discussed,” the prime minister concluded.
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