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Poland’s economic outlook for 2024: challenges and opportunities

The year 2024 is a time of optimism for Poland, but also there is a need to consciously act in the face of economic challenges. The country’s economy has a solid foundation for dynamic development, but there is no shortage of issues that require attention. According to experts from the Polish Chamber of Commerce (KIG), the coming months will be crucial for companies, investors and the government in the context of management, investment and sustainable development.

Businessman working on a laptop, the numbers 2024 in the air, which a man clicks on

Sustainability as a main trend

The Polish Chamber of Commerce predicts that 2024 will be a test for many companies in terms of readiness for changes related to sustainable development. The introduction of the new CSRD imposes an obligation on companies to provide non-financial reporting, which encourages them to engage in ESG (Environmental, Social, Governance) areas. Sustainability brings not only environmental and social benefits, but also economic ones. It is worth noting that in recent years, the investment community has become more interested in companies that take action to protect the environment, show respect for employee rights and good corporate management practices. Thus, investing in sustainability is not only a moral imperative, but also a strategic step that contributes to sustainable business success.

Export and inflation

Polish export remain at a high level, and forecasts for 2024 are optimistic. However, the inflation rate, while moderate, still remains of interest to economists due to the rise in commodity and energy prices. Proper adjustment of economic policy becomes crucial to maintain stability. It should also be remembered that Poland has long been known for the competitiveness of its export sector. By taking advantage of new trends in global markets, Poland can further develop its position as an important player on the international arena. Economic growth in Europe and the revival of trade in the world are favourable conditions for Polish exports. However, it is also important to monitor the geopolitical situation, which may affect the stability of foreign trade. GDP and the labour market.

GDP and the labour market

The World Bank’s forecasts assume an increase in Poland’s GDP by 2.6%, but the National Bank of Poland’s experts are even more optimistic, predicting growth at the level of 2.9%. Poland has the potential to become a growth leader in the region, thanks to the flexibility and diversity of its economy. However, a shortage of workers is becoming more and more apparent, which requires a strategy based on automation, mechanization and activation of the economically inactive. Therefore, investments in human capital development, vocational training and the promotion of entrepreneurship  will play a key role. Government support programs for businesses and educational initiatives aimed at increasing access to vocational training can help reduce the shortage of workers in the country.

Energy security

Energy security remains an important aspect for the Polish economy. Still heavily reliant on coal, the country faces the challenge of an energy transition towards more sustainable energy sources. Investments in modern energy infrastructure, the development of renewable energy sources and energy efficiency are key to ensuring the stability and security of energy supply. At the same time, it is also necessary to act to reduce greenhouse gas emission, which is important in the fight against climate change. Poland can benefit from European Union funds and programs supporting investments in sustainable energy technologies.

Poland’s economic outlook for 2024 is optimistic, but requires a conscious approach to management, investment and sustainable development. Adaptation to change and investments in modern technologies and infrastructure  will play a key role. Poland is facing challenges, but also opportunities for development and strengthening its position on both European and global markets. The coming months will be important for further shaping the country’s economy and achieving lasting success.

Source: KIG

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