Narodowy Bank Polski

Conference

World Bank

Prezentacja raportu Banku Światowego
Global Economic Prospects 2021

20 January 2021
Time: 14:30 CET / 8:30 EST

On 20 January, Narodowy Bank Polski, in cooperation with the World Bank (WB), organized a presentation of the 2021 edition of the Global Economic Prospects report, which this year was held in a remote format. Participants had the opportunity both to actively contribute to the conference by asking questions and to follow the live broadcast. The conference was opened by Marta Gajęcka, Member of the NBP Management Board. The report was presented by Franziska Ohnsorge, Manager of the Development Economic Prospects Group at the World Bank, a lead author of the publication.

NBP’s measures taken to fight the Covid-19 related economic crisis were appreciated by the panellists who took part in the World Bank’s Global Economic Prospects 2021 presentation. Moreover, according to F. Ohnsorge: “The tremendous policy stimulus provided by the Polish authorities, including the monetary policy stimulus, improved Poland’s development prospects. Otherwise, the effects of the crisis would have been much worse.” .

Global Economic Prospects is one of the World Banks’s flagship publications providing a cyclical assessment of the state of the global economy and forecasting growth for the coming years. According to the authors of this year’s report, the global economy appears to be emerging from one of the deepest recessions caused by the COVID-19 pandemic, but the outlook for 2021 is subject to a high level of uncertainty. WB analysts predict that rising public and private debt could hinder the global economy’s return to rapid growth, and thus we may be in for a decade of slow growth. Achieving higher growth rates will depend on the implementation of a number of reforms, particularly to boost investment and ensure sustainable development. Changes are needed in a number of key areas, such as health care, social security, education, the digital economy and increasing the resilience of infrastructure to climate change. Successful reforms in these areas will help to offset the long-term effects of the pandemic and reduce global poverty.

The presentation was followed by a panel discussion moderated by Paweł Samecki – Advisor to the President of NBP. Among the panellists were Franziska Ohnsorge, Jacek Kotłowski – Deputy Director of the Economic Analysis Department at NBP and Marek Rozkrut – Chief Economist, Head of the Economic Analysis Team at Ernst & Young.

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