Grey economy to contribute 19.6% to Poland's GDP in 2023, says IPAG Report

The Polish Institute for Forecasting and Economic Analysis (IPAG) estimates that the share of the grey economy in the country's GDP will increase to 19.6% (PLN 746bn) in 2023, compared to 18.9% (PLN 623bn) in 2022.

IPAG attributes the expansion of the grey economy to the deterioration of economic conditions in several sectors since 2020, which has caused some entrepreneurs to seek savings by moving some or all of their business into the grey economy.

To reduce the size of the grey economy, IPAG recommends the development and promotion of cashless transactions, which can also bring other benefits for economic growth. In recent years, the importance of cashless transactions has been growing, as they limit the scope of the grey economy and stimulate economic growth.

Source: ISBnews