Poland’s economy along with other Central and Eastern Europe economies are in a better position than Italy or France during the coronavirus crisis due to their much lower public debt to GDP ratio, argues Professor Zbigniew Krysiak of the Warsaw School of Economics and the Schumann Institute.
Krysiak feels that the recent Unicredit report predicting the deepest recession in 100 years in Poland is exaggerated.
The Polish expert does not think that this will be the case since the last 100 years saw not only the Great Depression but also the Second World War.
According to Krysiak, Poland’s economy is far more flexible and resilient than those of Italy, France, Spain, or even the United Kingdom.
“The public debt to GDP ratio in Poland is lower by a factor of two when compared to France and by a factor of three when compared to Italy,” he says.
Unicredit projects negative effects of the EU budget negotiations for Central and East European states, but Krysiak does not feel that this is necessarily the case as the post-pandemic world may produce a different approach to climate neutrality and the “Green Deal”, both pre-coronavirus EU initiatives that were expected to harm Poland’s economy.