– Entrepreneurship of Polish companies and their own currency helped to protect the Polish economy during the pandemic, the euro failed this exam – says the president of the WSE, Marek Dietl. In his opinion, we are still partially a green island, because the eurozone countries have dealt with the coronavirus worse.
The president of the WSE criticizes the euro
President of the Stock Exchange in his profile on Linkedin stated that Poland managed to save as much as 97.2 percent. pre-COVID-19 economy.
– We owe it primarily to entrepreneurs who have a unique ability to adapt to difficult conditions. In a critical moment for their operations, Polish companies skilfully took advantage of the solid protection in the form of over PLN 170 billion provided by the government anti-crisis shields. Today they produce more than before the crisis: in December 2020, industrial production was 11.2 percent higher than in the corresponding period a year earlier – he pointed out.
He added that the previous year somehow confirmed the competitiveness of domestic businesses. The surplus of exports over imports at the end of November reached PLN 51 billion.
The zloty helped the Polish economy
According to the head of the WSE, the Polish economy was helped by its own currency. According to him, the zloty contributed to reducing the deficit and eliminating inequalities in the capital resources and productivity of Poles. The euro reportedly fared poorly against this background.
– Meanwhile, the euro has failed the pandemic times. In the euro area, inhabited by 342 million people, only 93.2% of the total number of people was kept. economy. Last year, it slowed down twice as compared to the decline in global GDP, and in the southern European countries – Spain and Greece, the recession was double-digit. Countries outside the euro area fare much better against this background. In the crisis year, they saved 96.5 percent. economy values. This clearly shows that the common monetary policy does not serve the economy and citizens of the euro area – he summed up.
Dietl added to the post a graphic regarding the level of saving the economy by EU countries in 2020, expressed as a percentage. It showed that Poland came second, after Lithuania (99.1%) and ahead of Estonia (97.1%). Last but not least, there are Spain (89.8%), Greece (90%) and Malta (91%).