Receive our newsletter – data, insights and analysis delivered to you
  1. Comment
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.

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.

Content from our partners
Privacy glazing: how the latest interactive application is transforming user experience
Solar shading: How to improve wellbeing and productivity in the post-COVID workplace
Sustainable switchable glass: The future’s technology for today’s buildings
Related Companies

Topics in this article:
NEWSLETTER Sign up Tick the boxes of the newsletters you would like to receive. The top stories of the day delivered to you every weekday. A weekly roundup of the latest news and analysis, sent every Monday. The industry's most comprehensive news and information delivered every month.
I consent to GlobalData UK Limited collecting my details provided via this form in accordance with the Privacy Policy