According to Polish Statistical Office inflation in June was 11.5%. Estimates suggest that inflation will return to the target range of 1.5-3.5% no sooner than in 2025. At the same time, economic growth forecast has risen to 1.1% in 2023 from 0.9% expected earlier. Moreover, Fitch Ratings affirmed in June Poland’s long-term foreign currency rating at “A-” with
a stable outlook…

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Prime Minister has announced the introduction of a „solidarity shield” to counteract the effects of high energy prices. The proposed solutions include (i) an
electricity price freeze for around 10 million households and (ii) large energy-consuming companies will be allowed to apply for subsidies from the government
if their spending on electricity and gas exceeds 3% of their production value. The introduction of the shield is expected to cost around PLN 30 billion.

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Over 2,2 mln Ukrainian citizens already admitted to Poland since Feb 24, 2022, mostly women and children. Estimated employments’ market absorption at this
point is around 700k. But war in Ukraine poses risk of outflow of Ukrainian citizens from sectors traditionally dominated by man i.e. construction and transport
with 11% and 13% of Ukrainian workers respectively. Slowdown it those sectors may negatively influence the dynamics of GDP growth…

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