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27 September 2018

Fakt24: Brexit affects Poland


Fakt 24 features an article on the financial consequences on Poland of the United Kingdom's exit from the EU, with Poland set to lose gigantic sums.

The article highlights that Brexit negotiations are still underway to determine whether it will be a hard or soft Brexit but argues that the most probable outcome will be a departure without a deal. Accordingly, several studies and analyses have been conducted showcasing how a hard exit will affect Europe; am outcome that will certainly also impact Poland. In that regard, Oxford Economics, one of the largest analytical institutions in the world, has begun to look at how a hard Brexit will affect the European Union's member states, financially speaking. Ireland is set to lose the most with Poland second in line; it is currently estimated that Ireland's GDP will drop by 1.4 percent and Poland's by 0.8 percent until 2020. As such, Poland would lose about 4,2 billion euros, which is almost half of the structural funds the country receives annually from the European Union. Oxford Economics also pointed towards a darker scenario in which the polish currency will weaken and interest rates will raise thus impacting the economic growth. Why? Because the UK is Poland's third largest trading partner and thus a significant market which can potentially cause heavy economic disturbances. 
 
 
Sourcing and translation by European Movement International


© Fakt24


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