The year 2024 in economic forecasts
23.01.2024
In the report “Great Hopes An Economic Outlook for 2024” published by PKO BP, the bank’s analysts presented 10 main topics – forecasts for the coming year, which will have an impact on the Global and European economy. Among the many interesting predictions, it is worth mentioning those dedicated to Poland and the region of Central and Eastern Europe:
![](https://www.trade.gov.pl/wp-content/uploads/2024/01/214191683_l_normal_none-1-scaled-e1705943729271.jpg)
„Is Poland already an export power?”
The expansion of export, became the main driving force of the Polish economy after joining the EU in 2004. Poland is becoming an increasingly open economy, with the export-to-GDP ratio reaching a record high of 62.9% in 2023, up from around 34% in 2004. The current level of Poland’s export openness is above the EU average.
Poland has a chance to take advantage of the current changes in global value-added chains. It is indicated as a leading place for the relocation of activities within the framework of reshoring (relocation of activities carried out in another country to a country), nearshoring (relocation of production to a culturally similar country) and friendshoring (relocation of production to a member state of a common geopolitical bloc). According to PKO BP analysts, “the Polish economy is characterized by competitiveness, solid infrastructure, a large domestic market, openness to the international workforce and a strategically advantageous geographical location.” All this means that in 2024 Poland will strengthen its position as a connecting country in global trade.
“Is Poland still a leader in Central and Eastern Europe?”
PKO BP analysts believe that Poland still has one of the most optimal relations between the strength of economic growth and economic stability among the countries of Central and Eastern Europe. In 2023, Poland once again avoided recession and is rebuilding its economy quickly – in 2024, Poland may be the leader of growth in the region (according to PKO BP forecasts, the growth may amount to 3.9% of GDP y/y). This economic recovery should not lead to imbalances – “inflation, wage growth, fiscal deficit do not differ significantly from the region, and the pace of external rebalancing is the fastest among Central and Eastern European countries,” according to the report.
Source: PKO BP
- Everything
- News (188)
- Events (116)
- Get Support (80)
-
Article
ISS Europe in Poland – The Future of the Semiconductor Industry
For the next two years, the ISS Europe will be organized in the Tri-City
Vector Synergy
IT and TelecommunicationShow allWe are a global leader in cyber defence consulting and technology services, trusted by organizations such as NATO, the EU, and a wide range of industries, from BFSI to utilities and manufacturing. All of our highly skilled experts possess a personal security clearance, allowing them to work on secret and top-secret classified projects.
“POLSKA KORPORACJA RECYKLINGU” SPÓŁKA Z OGRANICZONĄ ODPOWIEDZIALNOŚCIĄ
Transport and courier servicesRenovation and construction materialsBiotechnology and pharmaceuticsYachtsMinerals, metals and fuelsAluminium and articles thereofCopper and articles thereofMinerals, ores and articles thereofIron, steel and articles thereofPrecious metalsOther metals and articles thereofMachinery and parts thereofIndustrial machinery and mechanical appliances and parts thereofMeasuring instruments and apparatus and parts thereofAgricultural machinery and parts thereofOther instruments and apparatusElectromechanical appliances and parts thereofChemicalsVehiclesAutomotive industryCombustion engines, motors and parts thereofLocomotives, rolling stock, special vehicles and parts thereofElectric engines and batteriesAerospace industryTiresVehicle parts (excluding engines)Show allPolish Recycling Corporation is a leading WEEE processing plant in Poland. It specializes in innovative recycling and recovery technologies (polymers, metals, mineral re-sources). It has EMAS and quality, and environmental management systems. It participates in building a circular economy by introducing innovative products. Its achievements include Re-Absorbent Oil sorbent and automation of plastics regranulation. Strives for zero-waste and zero-emission, contributing to environmental protecti
International Visa Service Sp. z o.o.
Our service provides assistance with getting electronic visas to more than 50 worldwide destinations. An e-Visa is a great option if you’re looking for a hassle-free way to enter the country of your choice. By choosing an electronic visa, you won’t have to worry about going through the traditional visa application process anymore. Whether you’re looking to travel for leisure, business, or tranist, our electronic visa service can help make your trip successful.
-
Event
The II Polish-German Economic Forum
The Forum’s purpose is to establish and deepen cooperation between the representatives of German and…
EventPAIH Business Forum 2024
PAIH Business Forum is an event organized for the SME sector and its partners – representatives of r…
-
Institution
National Support Centre for Agriculture
The National Centre for Agricultural Support conducts promotional and informational activities aimed…
InstitutionPolish-Romanian Bilateral Chamber of Commerce and Industry (PRBCC)
The Polish-Romanian Bilateral Chamber of Commerce and Industry is an independent organization that a…
The Export Promotion Portal uses cookies to make it easier for users to use the website and for statistical purposes. If you do not block these files, you agree to their use and saving in the memory of your computer or other device. Remember that you can change your browser settings to block the storage of cookies. More information can be found in Privacy Policy and Terms and conditions.