Politicians and economists have no doubts today: we are facing a crisis on a scale that even our parents don’t remember. Recently, the Bank of England has admitted that we are facing very hard times. Today Polish economist Paweł Borys, currently the president of the Polish Development Fund, noticed that we have been on the threshold of the biggest recession for 100 years.
President of the Polish Development Fund: this will be the hardest crisis in 100 years
– We must be aware that we have been in the biggest economic crisis for 100 years; we estimate that nearly half of enterprises in Poland experience a significant drop in revenues in this connection – said the head of PFR Paweł Borys during a conversation with “Gazeta Polska”. – T.hundreds of thousands of companies are at risk of bankruptcy. Millions of jobs are also at risk – added.
As he thinks, today is why “courageous, swift action must be taken, and above all on a scale adequate to this unprecedented crisis. “
“The launch of the Financial Shield from PFR by the government on the initiative of the Prime Minister Morawiecki will protect millions of jobs. And it will allow hundreds of thousands of companies to safely pass this crisis. Part of our bonds, around 60 percent will be repaid in the future for a period of 10 years from the budget as non-returnable assistance to companies and employees in connection with COVID-19, and the remaining about 40 percent. is the part that companies will return in the form of subsidy repayments over a period of 3 years. “
– says Boris.
Bank of England: hard years ahead
Boris is not alone in what he says. Known on the cryptocurrency market by prof. Krzysztof Piech believes that the crisis will not only be severe, but also will last longer than average. He considers the 2.5-year period to be a very optimistic scenario.
I hear the dreams of politicians that in two years it will be after the crisis and the boom will return. 2 years is a normal recession. And now we are dealing with the deepest crisis in 90 years. 2.5 years of recession is the minimum.
– Krzysztof Piech (@krzysztof_piech) April 27, 2020
The Bank of England creates similar visions. The institution predicts that the worst economic downturn awaits us since … 1709. It presented its opinion in a special report it prepared for the government. The British economy alone can shrink by as much as 14 percent. in 2020 alone, while total production will drop by almost 30% in the first half of 2020, experts add, however, that the current situation is unprecedented, so the economic outlook is “Extremely uncertain.”
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