12:21 29 July 2021
Almost half of Poles find it harder to make ends meet
According to a World Bank report shows that despite the relatively smaller impact of the COVID-19 pandemic on the Polish economy than in other EU countries, a year after the crisis broke out, almost a third of Polish households are still reporting lower incomes than just before the pandemic, and almost half of Poles are finding it harder to make ends meet.
“First assessments show that household income declines were more widespread and pronounced during the first wave of the pandemic when they affected 40% of households,” the report indicates.
The authors of the report also point out that the impact of the pandemic on household income and employment has been mitigated by a number of additional government support measures.
“However, prolonged work stoppages - especially among lower-wage workers - and the persistence of the crisis have reduced household savings. This decline is not universal, however, as overall household savings and total disposable income increased significantly in 2020 as a result of declining consumption opportunities,” the paper highlighted.
The percentage of Poles at risk of poverty is expected to start falling in 2022, according to the report’s authors. World Bank economists emphasize that the labor market turmoil has primarily affected lower-wage workers, younger workers, and those with non-standard contracts.
