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March 20, 2020updated 27 Jan 2022 7:09am

Poland announces stimulus package as the virus outbreak worsens

By GlobalData

Poland has become the latest country in Europe to announce fiscal stimulus measures to offset the disruption to economic activity caused by the widespread outbreak of the coronavirus.

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The global construction industry is in the process of recovering from the unprecedented disruption caused by the COVID-19 pandemic, due largely to the policies enacted to contain the spread of the virus. Although recovery is underway, there are still major risks stemming from new waves of COVID-19 infections and the reintroduction of restrictions on economic activity. Nevertheless, GlobalData predicts global construction output to grow by 5.3% this year. Global recovery in the construction industry will be far from uniform, and GlobalData’s Construction Risk Index (CRI) provides a standardized view of the country-level risks facing the construction industries in 92 major developed and emerging markets around the world. The CRI focuses on 4 key risk pillars, these being:
  • Financial risk
  • Political risk
  • Economic risk
  • Market risk
In the latest update of the CRI, the model has been adjusted so that certain elements of economic and market risk assess a country’s performance relative to its pre-Covid-19 setting, so to give the most accurate assessment. Check out our Construction Risk Index to get a complete view of the current market in the wake of COVID-19 disruptions, and best position yourself for the future.
by GlobalData
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The Polish Government has announced an emergency fiscal stimulus plan to shield businesses and workers from the fallout of the epidemic. The Polish Government expects that the virus will severely impact the economy, and in response have announced a stimulus package worth PLN212bn ($52bn), which is equivalent to 9% of GDP.

The measures include loan guarantees for businesses, covering up to 40% of salaries for employees who are unable to work and allowing companies to delay their social security contributions. The Polish central bank has also cut its benchmark interest 50 basis points and announced liquidity measures to help businesses.

Poland has thus far reported 355 confirmed cases and five deaths as a result of the virus outbreak. The government has announced quarantine measures to slow the spread of the virus, which includes closing its land border with neighbouring countries and closing restaurants, cinemas and cafes across the country.

The quarantine measures are likely to lead to severe disruption for the construction industry in Poland. Construction projects are expected to be halted temporarily in Poland while the lockdown is in place. GlobalData forecasts that the Polish construction industry will grow by 3.8% in 2020, this is dependent on the virus being contained by mid-2020. However, if the situation deteriorates in the coming months, a downward revision to the forecast is likely.

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Free Report
img

Assess the market with our Construction Risk Index (CRI)

The global construction industry is in the process of recovering from the unprecedented disruption caused by the COVID-19 pandemic, due largely to the policies enacted to contain the spread of the virus. Although recovery is underway, there are still major risks stemming from new waves of COVID-19 infections and the reintroduction of restrictions on economic activity. Nevertheless, GlobalData predicts global construction output to grow by 5.3% this year. Global recovery in the construction industry will be far from uniform, and GlobalData’s Construction Risk Index (CRI) provides a standardized view of the country-level risks facing the construction industries in 92 major developed and emerging markets around the world. The CRI focuses on 4 key risk pillars, these being:
  • Financial risk
  • Political risk
  • Economic risk
  • Market risk
In the latest update of the CRI, the model has been adjusted so that certain elements of economic and market risk assess a country’s performance relative to its pre-Covid-19 setting, so to give the most accurate assessment. Check out our Construction Risk Index to get a complete view of the current market in the wake of COVID-19 disruptions, and best position yourself for the future.
by GlobalData
Enter your details here to receive your free Report.

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