The British weekly The Economist placed Poland on the 6th place in the ranking of countries whose economies have dealt best with the pandemic. The criteria taken into account are the growth of GDP and household income, the condition of the stock exchange, investment expenditure and the state debt. The Economist analyzed economic data from 23 countries for the purpose of this ranking.
The list was headed by: Denmark, Slovenia, Sweden, Norway, Chile and – ex aequo with Poland – Ireland.
The Economist ranking – which countries dealt best with the pandemic?
The weekly explains that the first indicator it took into account is the change in GDP since the end of 2019, which gives an idea of the overall “health of the economy”. She notes that, in this approach, countries whose economy is not largely based on tourism, and was therefore not exposed to travel bans related to the pandemic, fared better.
The Economist then analyzed household incomes to gauge how families dealt with the crisis, reflecting not only wages but also government financial aid.
The stock market results, another indicator analyzed by the weekly, informs about the state of capital markets.
Investment expenditures – the fourth measure taken into account by “Economist” – indicate the scale of optimism with which business looks at the future of the country.
The last indicator is the state debt, which could mean a possible future increase in taxes and a reduction in spending.
For the purpose of this ranking, the “Economist” analyzed economic data from 23 countries.
Poland’s GDP in the selected period increased by 3.1%, income per capita increased by 3.3%, and the share price increased by 25.4%.
Investment expenditures fell by 7.1 percent. The state debt reached 5 percent. GDP.
In the ranking, Japan fared the worst, with a GDP decline of 1.9%, and the United Kingdom – a decline of 2.1%. and in the last place, Spain – a decrease of GDP by 6.6%.
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Budget assumptions for 2022
The Sejm adopted in mid-December the budget act for 2022.
The Ministry of Finance assumed that Poland’s GDP in 2022 will grow by 4.6 percent.
The Ministry of Finance assumed in the act that the average annual inflation would amount to 3.3 percent. Meanwhile, in November – according to the data of the Central Statistical Office – inflation amounted to 7.8 percent year on year. This is a level unseen since December 2000, when inflation was 8.5 percent year on year.
– The market assumes that inflation in 2022 will amount to an average of around 7-8 percent per year. Our latest forecast of 3.3 percent is obviously completely detached from the current reality, but at the time of its creation, it was within the market consensus – Chief economist of the Ministry of Finance, Łukasz Czernicki, said a week ago.
He added that the Ministry of Finance was just formulating new forecasts to be presented in the second quarter of 2022.
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