Polish companies are positive when it comes to the year 2024
Almost 1/3 of Polish companies expect an improvement in business operations in 2024. This is an increase of 5 percentage points compared to last year.
Coface’s Payments in Poland 2023 report surveyed 341 small, medium and large companies, representing 3 main sectors of the economy, i.e. manufacturing, trade and services. 31.4% of them expect a better situation in 2024 (up from 26.4% compared to 2023). 50.1% do not expect any changes in their business (down 4.4%). 18.5% (compared to 19.1% in 2023) believe that the situation will worsen (down 0.6%).
These are not the only positive conclusions that can be drawn from reading the report. The deadline for paying invoices has been reduced by 3.8 days (from 46.2 days in 2022 to 42.4 in 2023). The average hypothetical delays in payments have decreased by 3 days (48.7 days vs. 51.8 in 2022). Thus, the result came close to the level of 2020 (48.0 days), although last year did not abound in such a wide range of support for maintaining financial liquidity.
The report also points to the biggest threats expected by Polish entrepreneurs. First and foremost that is limited domestic and foreign demand (44%), taxes and other fiscal fees (41%) and too much competition (40%).
The report also shows that companies in Poland have adapted to doing business in the new geopolitical situation (war in Ukraine). However, they are still suffering from the economic and business consequences.
Source: Wprost, Coface report
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