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The Warsaw Voice » Business » March 18, 2009
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Business in brief
March 18, 2009   
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NBP Chief Urges Polish G20 Entry

While in the United States in early March, Polish central bank governor Sławomir Skrzypek said Poland should be admitted to the G20 group of the world's largest economies.

"If the G20 is supposed to have real influence on the global situation and a real awareness of different problems, then the participation of Poland in the group's work is highly advisable," Skrzypek said.


EBRD Increases Aid
The European Bank for Reconstruction and Development will invest a record 7 billion euros in former Eastern Bloc countries this year as part of a plan to fight the economic crisis in Central and Eastern Europe. Last year EBRD's investment in these countries totaled 5.1 billion euros.

EBRD was established in 1991 to support economic change in former Soviet bloc countries and help them in their transition to market economies.


Falling Gov't Revenue Feared
If Poland's gross domestic product grows only 1.7 percent this year, the government's revenue will be zl.17.4 billion less than planned, said deputy finance minister Elżbieta Suchocka. This is after the government revised downward its 2009 GDP growth forecast from a previous target of 3.7 percent. Under the 3.7 percent GDP growth projection, government revenue was expected to reach zl.303 billion.


Crisis Hitting Poor Countries: IMF
The International Monetary Fund has warned that after hitting first advanced economies and then emerging economies, a "third wave" from the global financial crisis is now hitting the world's poorest and most vulnerable countries.

Many of these countries may be in need of humanitarian aid as a result, the IMF said. It has identified 22 countries whose financial reserves have shrunk below a safe level equivalent to three months' worth of imports.


Monthly Car Production Up
Poland's four car factories turned out a combined 62,600 units in February, according to the Samar market research company, which monitors the country's automotive market. While the figure is 18.2 percent lower than in February last year, it marks an increase of 18.3 percent over January 2009.


FDI Shrinks in Bulgaria
Foreign direct investment in Bulgaria totaled 5.3-5.5 billion euros last year, according to preliminary data by the country's foreign investment agency. Compared with 2007, FDI in Bulgaria declined by around 500 million euros, the agency's chief Stoyan Stalev said March 7.


Hungary in Crisis
Industrial production in Hungary plummeted by 21 percent in January compared with January 2008. This marked the sharpest decline in the whole of the European Union, following a 23.3-percent slump in December. Due to a recession in Western Europe, Hungarian companies have decreased their exports, making the Hungarian economy face its worst crisis in 13 years.


Germans Top Tourist Statistics
More than 4 million foreign tourists spent at least one night in Poland last year, according to data by the Central Statistical Office (GUS). Most visitors came from Germany (over 1.1 million), followed by Britain (387,000), Russia (194,000), and Italy (184,000). In all, tourists from 41 countries visited Poland last year, GUS said.


NBP Exchange Rates (March 16, 2009)
1 EUR = zl. 4.4940
1 USD = zl. 3.4625
1 CHF = zl. 2.9213
1 GBP = zl. 4.9080
100 JPY = zl. 3.5239
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