October 6, 2022

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Poland's GDP in 2022 - the Polish economy is slowing down.  Alicja Defratyka and Maciej Samcik commenting on "Faktach po Faktach" TVN24

Poland’s GDP in 2022 – the Polish economy is slowing down. Alicja Defratyka and Maciej Samcik commenting on “Faktach po Faktach” TVN24

When we look at other countries that have maintained economic growth, we look terrible – said economist Alija Divratika, author of the “Interesting Numbers” project in “Fakty po Faktach” on TVN24. On the other hand, economic journalist Masij Samgic of the “Subjecttywnie o finansach” blog said: “We shouldn’t be calm at all, because we are stagnating in our portfolios for several quarters.”

Economic growth cannot be viewed in isolation from other indicators. We still have relatively high economic growth, but we also have the highest growth rates inflationOr nearly the highest in the European Union. (…) Unemployment is also relatively low. So it’s not like GDP is the only indicator we should care about – Samcik said.

He added: – The most dangerous thing about the recession, the economic slowdown – we will see how it develops – is that most Poles are not ready for it.

– It is officially known that we have had a real decline in income – for the first time in many years. It actually affects the citizen statistic for at least a quarter, and in fact, most of us (…) have had a decrease in the purchasing power of what we earn for several quarters now. So we already have a recession in our wallets, and the only question is how deep it will go, Samcik said.

‘The Poles should save’

Divratika, in turn, noted that “it has long been said that Poles should save up, have some money for a rainy day, and many Poles” devour “this money from month to month.” “There are various estimates that 30 percent of Poles, or even 40 percent, have no savings,” she explained.

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“You have to have savings, because we have several years to go when the real value of what we earn,” Samcik said. In his opinion, “most of us unfortunately do not have enough savings to afford it.”

– I’ve seen data that half of households in the US are able to withstand several years of high inflation, simply because they’re going to save — they have so high savings, including thanks to benefits in times of COVID, that they don’t care. Of course, there is the other half that needs to be taken care of, but the other half is relatively safe. We don’t have 50 percent, he said, and we probably have 15 percent of those who aren’t prone to inflation.

– By observing the data, we can know what awaits us in the future. We have to talk more about this negative data (…) that more and more loans start because people are unable to make ends meet to make people realize that it could be worse. So that the rulers are also prepared for these trying times. What economists often say: And we’re afraid. No – the role of the economist is to tell him something like a warning of what might happen – explained Defratyka.

‘It’s always been said that the Poles should come to the rescue’TVN24

Poland’s GDP in 2022

The Central Bureau of Statistics announced this on Wednesday Poland’s GDP increased by 5.3% in the second quarter of 2022on an annual basis. However, it was down 2.3 percent on a quarterly basis. For comparison, in the first quarter of this year, the Polish economy grew by 8.5 percent on an annual basis and by 2.5 percent on a quarterly basis.

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The data published by Eurostat shows this on a quarterly basis Poland recorded the highest drop in GDP among the European Union. In the second quarter, the Polish economy contracted by 2.3 percent. compared to the previous quarter. The decrease in GDP was also recorded in Latvia (-1.4%), Lithuania (-0.4%), i Portugal (-0.2%). It had the highest GDP growth Holland (by 2.6%).

Inflation in the European Union

Eurostat data shows that Poland is one of the countries with the highest level of price hikes in the European Union. Inflation in Poland in July 2022 year-on-year was 14.2 percent, the same as last month. Apart from Estonia, Latvia and Lithuania, Poland has also surpassed the Czech Republic (17.3%), Bulgaria (14.9%) and Hungary (14.7%).

Main image source: TVN24