WARSAW: Britain’s referendum decision to leave the EU will slow Poland’s economic growth, but the government is not planning to cut spending, deputy Prime Minister Mateusz Morawiecki said on Monday. “Brexit will translate into lower economic growth” in Poland, Morawiecki, who is also the country’s development minister, told reporters. “These are very high estimates: 0.5% to 1% of GDP. Even the lower figure means a huge impact on the Polish economy,” Morawiecki said. He added that he considered the forecasts for 2017 and 2018 by the central bank and the finance ministry as credible.
Morawiecki said the biggest threat to the Polish economy from Britain leaving the EU could be a “slump in trade.” He added that a Brexit could also present opportunities for Warsaw, including the return of Polish workers from the UK and the chance to lure financial institutions from London. “Some [financial] operations will disperse throughout continental Europe… I would like Warsaw to be one of these locations,” he said. “We are trying to encourage financial institutions from there [London]… I’m scheduled to hold talks with institutions on this matter.”
