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Economy. Sławomir Dudek as a guest of Konrad Piasecki

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The government has inflated the demand terribly. We are falling off a high horse because of this – said the economist, president and founder of the Institute of Public Finance, Sławomir Dudek, referring to the latest data on the decline in GDP in the fourth quarter in the “Rozmowa Piaseckiego” program.

An economist on TVN24 was asked about the latest data from the Polish economy. According to the Central Statistical Office, the Polish economy contracted in the last months of 2022. Gross domestic product (GDP) in the fourth quarter fell 2.4 percent quarter-on-quarter.

“I don’t really see any signs that we’re about to rebound.” The war rages on, the turmoil in the markets continues, data from the United States says that inflation it doesn’t let go at all interest rates will be pressed there – said Sławomir Dudek.

Quarterly decline in GDP in Poland

He pointed out that the Polish economy has been recording worse results for a long time. – There was already a decline in GDP in the second quarter, a slight rebound in the third, and a decline again in the fourth. (…) For three quarters, we have basically had a strong downward trend in GDP and since the peak in the first quarter (GDP) has already fallen by 4 percent – said the economist.

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When asked about the factors behind the decline in GDP, he replied that these were primarily “mistakes in economic policy”. – The government inflated the demand terribly in the previous quarters, mass transfers went, shields. It was like handing out painkillers, throwing money left and right. After all, even the carbon allowance turned out to be not for coal and could be spent on anything. So it went into consumption and fueled inflation, boosted economic growth, he said.

– Now we are falling off the high horse, the costs of inflation are coming. Inflation makes us unable to plan, we are lost. We do not know whether to build a warehouse or a factory, we do not know how much we will pay. The consumer does not know whether to buy a vacuum cleaner, whether it will become cheaper or more expensive – he explained.

Main photo source: TVN24

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