The central European country Poland has a vibrant, cultural background. It has a diverse geography, and the land is blessed with beautiful sceneries. Everything appealing to the eyes, from palaces and handcrafted jewelry to food and cuisine, is present here.
By 2020 March, Covid-19 had spread across Poland. This pandemic had severe effects on the economic sector as well. But according to government and institution measures in response to Covid-19 by KPMG, the Government of Poland supports the system through financial packages and support. Poland is currently rising from the aftermath of the pandemic. It was among the least affected places in the European Union.
According to the OECD Better Life index, Poland performs well in some measures of well-being based on data. According to them: Poland, compared to the average, has better health status, education, jobs and earnings, the balance of work and life, social security, civic engagement, and housing facilities.
Overview of Poland
Population: 38 million
Gross Domestic Product (GDP): USD 59,5858.2 million (in 2019)
According to the World Bank organization, the Polish economy was the least affected by Covid-19. However, the GDP dropped around 3% in 2020. It was the first output contraction in more than 20 years. Well-planned financial programs were introduced to reduce poverty and increase growth. The business environment improved along with its wages.
Poland faced challenges during the pandemic. The government sector tried to support the economy by ensuring the fluidity of money and supporting their people by using good policies. Also, the aging population poses problems for the labor supply. All the sectors would be rejuvenated soon with the decline of the pandemic’s intensity and cases.
Market Size: According to a report by the International Trade Administration, Poland has a dynamic market. Foreigners are drawn to invest in the place due to the quality of life, education, competitive workforce, and locational significance.
It is the largest single market among the new EU states. Poland has the tenth largest economy based on the GDP growth in 2019 (592 billion USD), and on average, its growth is 4%, according to the World Bank.
There are many factors like the increase in exports, infrastructure spending, and capital investment by foreign agencies (especially US-based firms), low unemployment, and increased wages contributing to the developments in the economic sector. Poland holds a record trade of bilateral goods of USD 14.33 billion, an approximately 6.55 increase from previous years.
Poland’s exports are valued at USD 264 billion in 2019. The chief exporters, according to the International Trade Administration, are as follows:
Cost of Living
The average cost of living in Poland :
Living expenses in major regions of Poland:
Cost of Renting
Cost of renting a house based on location :