As explained, due to changes in EU regulations, the Convergence Program update, which the government previously sent every year to the European Commission, will not be prepared. Some data previously featured in the APK – such as macroeconomic forecasts – will be included in the multi-year plan.
The government will reveal its papers
The Minister of Finance said that he expects economic growth to reach 3.1% in 2024, and to accelerate to 3.7% in 2025.
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– I looked at banks’ expectations according to which GDP growth may reach 4% in 2025, which means that We will be one of the fastest growing economies in the European Union in 2025 – said Domanski. He explained that in the first half of the year, consumption will be the driving force for growth, and in the second half the impact of KPO funds will become evident.
He also said that the long-term fiscal plan would include assumptions about the functioning of an independent fiscal council, and the bill would be introduced within “a few weeks.”
Financial Council. The project is due within a few weeks
– I want the council to be independent He will have the ability to review budget projections and review the entire law. “I want members to be elected by a diverse group of organizations and institutions that represent a broad range of economic viewpoints,” Domanski said.
The minister also said that from April 30, BGK will start publishing data on the use of funds it manages on a quarterly basis.
– This is an important element in increasing the transparency of public finances – said Domański.
He admitted that simply publishing the data would not increase Parliament's control over the budget, but explained that in order to maintain the GDP growth rate, all changes should be made gradually.
He also drew attention to the high costs of servicing Poland's public debt. It reaches 2.1 percent. GDP, which means that in terms of this indicator, Poland ranks sixth in the European Union. He also said that as Polish debt matures, these costs will increase.
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