Danske Bank analysts said that despite significant losses suffered by its economy in connection with the crisis, Poland can count on the improvement of the situation and the transition to the phase of making up for losses already at the end of the second quarter and in the whole second half of 2020.
In their study, analysts listed four basic reasons why, in their opinion, our country would cope relatively well with the crisis caused by the current epidemic.
According to Danske Bank, the Polish state reacted to the onset of the epidemic quite early, thanks to which it was possible to reduce the mortality rate and relatively early defreeze the economy after a period of forced lockdown.
According to Danske Bank, the relatively small importance of the tourism sector in building GDP also speaks in favor of Poland in comparison with other countries. Looking at data from the World Travel and Tourism Council, in 2018 the value of the Polish tourism sector accounted for 4.5 percent of GDP (the smallest percentage in the group of 35 European countries).
Poland, as a country with approximately 38 million citizens, can count on the support of a relatively large internal market. Other countries of the region – the Czech Republic, Hungary, Romania, Slovakia and the Baltic States – cannot count on such a strong action of this type of additional support for economic development.
According to Danske Bank analysts, an extensive and strong technology and IT sector is also important for the strength of the Polish economy. For some time, the most prominent branch of this sector has been the game production industry, which as one of the few benefits from the current quarantine.