On October 15, Poland made a U-turn towards European values, which is why more foreign investors are interested in our country, said Finance Minister Andrzej Domański in an interview with TVP World.
Commenting on the current condition of the Polish economy, Minister Domański estimated it would grow by 3.1% in 2024.
“And this is a substantial change since last year, when actually the Polish economy grew by 0.2 percent. So we are really accelerating,” he said.
This, though, was described as a cautious forecast by Domański who said he personally believes that it may climb even higher. Looking ahead to 2025, Domański said that all current factors indicated that the country’s economy would grow by 3.7%, which would bring Poland back into the fold of the EU’s fastest-growing economies.
According to EU estimates, GDP growth in 2024 is forecast at 1.0% in the EU and 0.8% in the euro area.
Domański also said that higher forecast tax revenues and a growing economy would cover the increase of Poland’s defense spending to 5% of the country’s GDP slated for next year and would negate the need to cut spending in other areas.
“Just in June, the input from VAT tax went up by 30% year-to-year,” Domański added.
“We see the situation in Ukraine and we all know that the threat from Russia is really a substantial one. So this is why we have to spend a lot on defense.”
Asked about the potential adoption of the Euro as a currency in Poland, he said that “there are no works and no discussion” about the matter now.
You can watch the full interview above.
“And this is a substantial change since last year, when actually the Polish economy grew by 0.2 percent. So we are really accelerating,” he said.
This, though, was described as a cautious forecast by Domański who said he personally believes that it may climb even higher. Looking ahead to 2025, Domański said that all current factors indicated that the country’s economy would grow by 3.7%, which would bring Poland back into the fold of the EU’s fastest-growing economies.
According to EU estimates, GDP growth in 2024 is forecast at 1.0% in the EU and 0.8% in the euro area.
Domański also said that higher forecast tax revenues and a growing economy would cover the increase of Poland’s defense spending to 5% of the country’s GDP slated for next year and would negate the need to cut spending in other areas.
“Just in June, the input from VAT tax went up by 30% year-to-year,” Domański added.
“We see the situation in Ukraine and we all know that the threat from Russia is really a substantial one. So this is why we have to spend a lot on defense.”
Asked about the potential adoption of the Euro as a currency in Poland, he said that “there are no works and no discussion” about the matter now.
You can watch the full interview above.
Source: TVP World
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