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ING Bank Slaski and the organizers of the European Economic Congress presented the latest report ‘Poland in global supply chains. Global opportunities and local risks‘ in Katowice, on April 24, 2023. The pandemic and the war in Ukraine, financial turmoil, the collapse of trade with Russia and Belarus, or the increase in price pressure on the energy, metals, and grain markets – all this has affected the Polish economy. The challenges of recent years are also an opportunity for greater interest in Poland from global or European companies, which may increase orders and foreign investments in our country.
24-26 April 2023 at the International Congress Centre in Katowice
The European Economic Congress (EEC) in Katowice is a three-day series of debates, meetings and accompanying events with the participation of guests from Poland, Europe and the world, including: EU commissioners, prime ministers and representatives of European governments, presidents of the largest companies, scientists and practitioners, decision-makers who have a real impact on economic and social life. In an opinion-forming group, in the form of an open public debate, talks are held on the most important issues for the development of Europe. The organizer of the European Economic Congress, since the first edition in 2009, is the PTWP Group.
Polish companies turned out to be very resistant to unprecedented external shocks. Managers and employees responded to the increase in turmoil with more than usual mobilization, work, and dedication. The flexible response of companies during the crisis is a good omen for an uncertain, changeable, and ambiguous future.
Since mid-2022, and especially after the lifting of pandemic restrictions in China in December, the operation of global supply chains has returned to normal. The supply chain pressure index showed that in 2020-21 Poland had to deal with the arrival of the so-called black swan, i.e. an unexpected, groundbreaking, and strongly negative economic phenomenon. Unfortunately, just after the pandemic subsided, another unexpected obstacle appeared, i.e. the Russian invasion of Ukraine.
“In the report, we show what great shocks the Polish economy has experienced in the last 3 years, that is, undoubtedly, the so-called black swans. First, the Covid-19 pandemic in 2020-21, and then the Russian war in Ukraine from February 2022. The report in this section indicates a solid performance of the Polish economy in the context of major shocks. Polish entrepreneurs have once again passed the test of resilience, flexibility and responsibility. It is becoming a bit of a Polish specialty that in difficult times we are able to mobilize ourselves even more and work hard.”,
said Michał Mrożek, Vice-president of ING Bank Slaski
The report of ING Bank Slaski and the PTWP Group shows the scale of economic shocks and the key channels of impact on the Polish economy by the current global situation. Conclusions combined with information directly from Polish businesses and chambers of commerce operating in Poland show that the new, different normality creates not only costs or threats but also new challenges and opportunities resulting from greater interest in Poland on the part of global or European companies.
“The report shows how many factors affect our economy, but it is important to pay attention to the positive aspects. The new, different normality creates opportunities for Polish business, increasing the interest of global and European companies in our country.”,
said Wojciech Kuśpik, President of the PTWP Group, initiator and organizer of EEC
The geographical location of Poland can be a curse and also a springboard for economic development at the same time. For Western economies, Poland is a buffer against aggressive Russia and a bridge for post-war activity in Ukraine. A diversified production base in Poland can be an alternative to China and Asia as the factories of the world. Declarations, and sometimes specific business decisions by global or European companies, may mean larger orders and foreign investments in our country. The report reveals that the key to taking advantage of global opportunities remains the reduction of local risks, such as increased inflationary pressure, price, and wage spiral strengthened by rising fuel and energy prices, lack of qualified workforce, and low investments in infrastructure.