The International Monetary Fund warns that the world is on the verge of recession. In Poland’s case, the IMF lowered its GDP growth forecast for next year to 0.5 percent.

– What gives Poland hope of avoiding a recession is a very strong and stable economic foundation – said the minister, pointing to, among other things, low unemployment and the resistance of Polish businessmen to the crisis. Magdalena Rzeczkowska reminded that the Polish government expects economic growth of 1.7 percent next year.

– Everything is based on the assumption that there will be no further strong shocks to the economy – he stressed, adding that the Polish government is taking steps to help make the economy resilient to shocks, for example by intervening in energy markets, including support for small and medium-sized businesses.

Inflation and rising interest rates

The minister explained that the fight against inflation by raising interest rates is an important element of the world economy, but must be done with caution.

– It should be borne in mind that a hard landing, also in the case of Poland, will not be a good solution – said Minister Rzeczkowska, noting that interest rate policy is the responsibility of the National Bank of Poland.

The Monetary Policy Board left interest rates unchanged in October, which may be due to the fact that concerns about the state of our economy have persisted, concerns about a “technical recession”, falling production and orders, and a minimal but noticeable decline. increase in unemployment. MPC expects all of this in the coming quarters. And this scenario was presented in July by NBP.