EFFECT OF COVID-19
As BITE Consulting Services Company, we also follow the events closely which are happening all over the world. In the current situation, we cannot be indifferent to the events. As we know, humanity and the countries of the world are struggling against COVID 19. We also read news and watch videos on the social media. Chiefly, we follow trusted sources, news agencies, economic newspapers, trusted public figures, World Health Organization and etc. More precisely, being a Polish company, we are striving to focus on Europe and especially on Poland. In a nutshell, how the COVID 19 has impacted on European countries and Poland. Since 31 December 2019 and as of 7 June 2020, 6 835 723 cases of COVID-19 (in accordance with the applied case definitions and testing strategies in the affected countries) have been reported, including 398 636 deaths. Europe: 2 052 235 cases; the five countries reporting most cases are Russia (458 689), United Kingdom (284 868), Spain (241 310), Italy (234 801) and Germany (183 979). Europe: 178 537 deaths; the five countries reporting most deaths are United Kingdom (40 465), Italy (33 846), France (29 142), Spain (27 135) and Belgium (9 580). The situation in Poland much better than most of the European countries. Let’s have a look shortly: COVID 19 Cases (25986), Deaths (1153), Confirmed cases in the last 14 days (5055).
Many businesses are experiencing economic difficulties as a result of the Covid-19 crisis and have had to temporarily suspend or substantially reduce their activities and the working hours of their staff. To support employers and to protect workers and the self-employed from losing their jobs or incomes, the European Commission proposed a new temporary instrument called Sure (Support to mitigate Unemployment Risks in an Emergency), to complement national efforts to protect employment. The proposal is part of a set of EU measures to help member states tackle the coronavirus pandemic. The economy of the European Union is expected to shrink by 7.4 percent in 2020, following the outbreak of Coronavirus (COVID-19) in early 2020, with an economic recovery anticipated in 2021.
EU GDP 2020-2021
Greece and Italy are set to be the worst affected economies, seeing GDP decline by 9.7 and 9.5 respectively, while Poland is forecast to shrink by 4.3 percent and shrink the least in 2020. Impact of the coronavirus (COVID-19) outbreak on the functioning of small and medium-sized enterprises (SME) in Poland in 2020 Nearly 90 percent of small and medium enterprises in Poland expect a decline in turnover due to the COVID-19 outbreak. Three-quarters of the companies plan to freeze increases and bonuses and anticipate liquidity problems. In addition to this information about (SME) in Poland: decrease in turnover is 87%, suspension of salary 38%, problems with maintaining financial liquidity 71%, redundancy of the some of the workers 43%. It is expected that in 2020, all branches of the Polish economy will record a negative level of investment due to the coronavirus pandemic. The most significant drop in investments will affect accommodation and catering, and the wholesale trade sector will be least affected. Frankly speaking, being Polish company we feel proud-hearted after seeing many statistics about the economy of Poland. Not only one trusted source but also many other trustworthy sources showed that Poland was the least affected country by COVID 19 pandemic. Although the crisis is likely to bring an end to around 30 years of economic growth, the EU expects Poland to get away with the least amount of damage with growth in 2021 predicted to rise by 4 percent. According to an economic forecast by the European Commission published on May 6, the Polish economy will fall by 4.25 percent in 2020 as consumer confidence weakens, unemployment rises and the country battles falling demand for exports. The sobering statistics from the Commission also predict that Germany, Poland’s leading trading partner and home to the EU’s biggest economy, will see a fall of 6.5 percent. But the Commission added that Poland should bounce back in 2021 with growth predicted to rise by 4 percent.