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Economy: internal stability, threats from abroad
Adam Glapinski
Poland remains largely free from any internal threats to economic conditions and only foreign-borne threats could interrupts an otherwise risk-free course, NBP chief Adam Glapinski said in an interview for the internet portal interia .pl, conducted during the recent economic summit in Davos.
"There are no domestic problems," Glapinski asserts. The labor market takes Glapinski's top mention for domestic risks although "for now no risks can be seen." Labor shortages are frequently reported and "could be a problem for the next several years."
Experience to date has shown Poland able to draw on "considerable domestic labor reserves" from the farm sector, women, and pre-retirement age workers, he noted.
Amongst foreign-borne concerns, fuel prices, fed in part by geopolitical tensions, could "rise clearly" but Glapinski quickly reminds that cost side price pressures "are difficult to contain" and interest rates "offer little."
With base inflation rates below 1%, "intervention via interest rate hikes is not necessary," he said.
Euro-zone stability remains on Glapinski's risk list, with Italy now at the top of the worry rankings.
Poland should easily brush off any impact from rising interest rates in the US, with demand for Polish Treasury papers "significantly above" Poland's needs, thanks in part to gains in tax collection, Glapinski said.