Poland's PM says country's economy could shrink by less than 4% this year

Polish Prime minister, Mateusz Morawieck, on June 6 reassured that country's economy could shrink by less than four per cent while the unemployment rate would likely remain below ten per cent this year. This comes as Warsaw announced an economic package worth 76 billion US dollars to steer the country coronavirus crisis. The coronavirus pandemic which has now killed 1,137 across Poland has wreaked havoc on the country's economy with hundreds of people losing their jobs. 

GDP to fall by 4 per cent

Speaking at a public radio broadcast, the polish leader said that he not only had hope but also a “macro basis” to believe that the unemployment rate in the country would not be in double-digit. Elaborating further he said that even if it did, the unemployment rate would still be lower than what economists are expecting  “The fall in GDP expected by most financial institutions is 4%. I hope it will be lower than forecasts,” he added.

Read: Amid Covid, World Bank's GEP Report Outlines Worst Global Economic Crisis In Eight Decades

Amidst all this, residents in Poland are not bracing themselves for the presidential elections scheduled to take place on June 28. According to reports, the election, which was originally planned for May 10, would take place later in June with people casting their votes in person. Country's conservative government has earlier postponed it in wake of coronavirus pandemic which has now, according to John Hopkins University infected 25,410 Polish people. 

Read: Poland's Postponed Presidential Election To Be Held June 28

Meanwhile, a report from World Bank has warned that the economic crisis can push more than 60 million people into extreme poverty this year. Suggesting ways in which countries can start working towards restoring the economy, the report stated that an orderly allocation of "capital toward sectors that are productive in the new post-pandemic structures – using systems that can build and retain more human and physical capital during the recovery." 

Read: PSL Facing Economic Crisis, Some Team Owners Looking To Exit: Shoaib Akhtar

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(Image credits: PAP.pl)