'The condition of public finances is stable and not at risk': Elżbieta Chojna-Duch

"It seems that the gross domestic product in the coming quarters and measured y/y will be above 5 percent, so certainly due to the recovery of consumption and the real economy, we will have a boom in the economy in the coming periods," Dr. hab. Elżbieta Chojna-Duch, professor at the University of Warsaw, a former member of the Monetary Policy Council, said.

In her opinion, the forecasts for Poland stand out positively compared to other European countries, as well as the condition of public finances and the level of debt. However, the extraordinary situation in which the pandemic has put the EU economies on demand has required decisive and swift action that can be assessed as opaque.

"The condition of public finances, compared to other European Union countries, is stable and not endangered. Let us hope that the fourth wave of the pandemic will not occur and we will slowly rebuild our public finances after this period, which caused their opacity. The government had to act quickly because the effects of the pandemic were destructive to society and the economy,” the economist stressed.

She reminded that the European Union in March 2020 allowed for an increase in expenditure and the enlargement of the deficit and public debt criteria, while Poland did not violate the level of 60 percent debt to GDP permitted by the Polish Constitution, as the debt of the public finance sector slightly exceeded 57 percent.

(Newseria)