Addressing the press at a conference on Thursday, Artur Sobon, the Deputy Finance Minister of Poland, provided insights into the country’s economic outlook for the remainder of 2023. While acknowledging a deceleration in economic growth, Sobon remained optimistic about Poland’s resilience, dismissing any prospects of a recession.
Sobon affirmed the nation’s commitment to its existing projections, emphasizing that the Polish economy is poised to expand this year in accordance with earlier estimates. “In 2023, we anticipate a slowdown in the Polish economy, but I firmly reject the notion of a recession or negative GDP growth,” stated Sobon. He revealed that by the close of 2023, the growth trajectory is expected to approach approximately 1 percent.
The Deputy Finance Minister also highlighted encouraging developments in key economic indicators. He pointed to a continuing decline in inflation during the latter half of the year, underscoring its positive influence on real wages. This, in turn, has translated into an upswing in consumer sentiment and a heightened level of consumer confidence. Sobon attributed this positive trend to the successful implementation of strategic measures, including tax reductions and the introduction of various safeguards such as credit holidays. These initiatives, according to Sobon, were pivotal in steering the economy through challenging times until the upturn in wage growth, reduction in inflation, and subsequent enhancement of consumer outlook.
The Deputy Finance Minister underscored the robust foundation of Poland’s economy, citing low unemployment rates, burgeoning investment, particularly in public sectors, and a growing share of exports as contributing factors. “We are witnessing a healthy amalgamation of elements propelling our economic landscape,” Sobon noted.
Looking ahead to the coming year, Sobon offered a glimpse into the future. “In 2024, Poland’s economic trajectory is poised to retrace the well-established path of growth, achieving a minimum of 3 percent,” he projected.
As Poland navigates through the current economic landscape, Sobon’s insights underscore a sense of measured optimism, reinforcing the nation’s commitment to stability and sustainable growth.