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I UNDERSTAND
English Section

Polish gov't adopts updated balanced budget for 2020

23.12.2019 13:00
Poland's government on Monday approved an updated balanced budget for 2020 that expects the economy to grow 3.7 percent, with inflation targeted at 2.5 percent.
Polands Prime Minister Mateusz Morawiecki holds a news conference after a Cabinet meeting in Warsaw on Monday.
Poland's Prime Minister Mateusz Morawiecki holds a news conference after a Cabinet meeting in Warsaw on Monday.Photo: PAP/Marcin Obara

Prime Minister Mateusz Morawiecki told a news conference after a Cabinet meeting that the budget was growth-oriented and ensured continued financing for his conservative government's key social assistance programmes.

He also told reporters that the government’s financial plan for 2020 was Poland’s “best budget in the last 30 years.”

Morawiecki said: “In the face of the turmoil around us, including Brexit, slower economic growth in the eurozone and trade disputes between China and the US … this stable, balanced budget gives us a sense of comfort and a safety buffer for 2020."

Morawiecki said earlier this year that Poland’s 2020 budget would be the country’s first without a deficit since the fall of communism and the start of market reforms three decades ago.

Government ministers on Monday approved a deficit-free budget with revenue and spending balanced next year at PLN 435.3 billion (EUR 102 billion, USD 113 billion), state news agency PAP reported.

The Polish economy grew 3.9 percent in the third quarter of this year, the Central Statistical Office said last month in a final estimate.

Morawiecki in the summer hailed Poland's GDP expansion figures, saying they ranked the country "among European and global leaders in terms of economic growth."

(gs)

Source: PAP, TVP Info