IMF: Poland’s GDP Growth at 0.6% in 2023

International Monetary Fund has recently published its annual World Economic Outlook. The report showcases Poland’s GDP’s current economic situation in the world and as well as the forecasted developments. The organization predicts that in the upcoming years, Poland’s economy will face a slowdown.

International Monetary Fund experts think that the Polish economy in 2018 will expand at the rate of 4.4 percent, which is the highest result among Emerging and Developing European states (the group that Poland belongs to), which on the whole will grow at the rate of 3.8 percent. Next year, however, the economy will start slowing down and end up with Poland’s GDP growth reaching 3.5 percent in 2019.

The downward trend will be even more visible in the medium term. IMF predicts that in 2023 Poland’s Poland’s GDP will expand at the rate of 2.8 percent. At the same time, the inflation rate will slightly rise from 2.1 in 2018 to 2.9 in 2023. The report’s authors point to the negative demographic trends that trouble the country as well as some structural bottlenecks.

Poland has also made its way to the World Bank’s Human Capital Index. The index measures how the health and education environment translates into human productivity and identifies human capital gaps that may occur if local conditions prevent people from reaching their full potential in each of the surveyed countries. It is the first time that the World Bank has prepared such a study.

Poland was classified in the fourth, and the highest, quadrille, scoring high marks in four areas: Probability of Survival to Age 5, Expected Years of School, Harmonized Test Scores, Learning-Adjusted Years of School, and falling behind the Western standards in the field of Adult Survival Rate, as it was determined 89 percent of 15-year-olds that reach the age of 60, which is low compared to the rest of Europe.

All in all, Poland’s Human Capital Index was established at 0.75, which means a child born in Poland today will be 75 percent as productive when she grows up as she could be if she enjoyed complete education and full health.

Implications for Banking and Business

Developments in the Polish banking sector affect businesses operating in the country in several ways. Access to corporate banking services, credit availability, deposit rates, and payment infrastructure are all critical factors for companies — whether established Polish firms or foreign-owned entities entering the market.

For foreign entrepreneurs setting up operations in Poland, choosing the right banking partner is a strategic decision. Major Polish banks including mBank, ING Bank Śląski, Bank Millennium, PKO BP, and Santander Poland offer varying levels of service for international clients, including English-language online banking, multicurrency accounts, and dedicated relationship managers for corporate clients.

The Polish banking market is well-regulated by the KNF (Financial Supervision Authority) and participates in the EU deposit guarantee scheme (BFG — Bank Guarantee Fund), providing deposit protection up to EUR 100,000 per depositor per institution. This regulatory framework provides stability and confidence for businesses maintaining corporate funds in Polish banks.

If you are doing business in Poland or considering entering the Polish market, Zalewski Consulting can help. Learn more about our personal income tax advisory, or contact us for a free consultation.