In 2023, the Polish business sector faced a serious challenge. According to a report from the analytical company Coface, the number of insolvent companies reached a record level of 4701, which means an increase of 2 thousand companies compared to 2022.
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Grzegorz Sielewicz, Chief Economist at Coface, notes that the increase in the number of insolvent companies in Poland reflects the overall macroeconomic situation of the country. According to his analysis, the year 2024 may be equally difficult for Polish business. Rising operational costs pose a serious challenge for Polish enterprises, and sectors such as construction, trade, transport and production are most affected by this phenomenon.
Sielewicz predicts that the coming months will be full of uncertainty, especially due to the situation in foreign markets. Coface's forecast indicates that global economic growth in 2024 will reach only 2.2%, which is one of the lowest results since the beginning of the 21st century, except for periods of economic slowdown caused by the technological crisis, financial crisis and the COVID-19 pandemic.
"Energy commodity prices, although they are no longer at such a high level as last year, still contribute to higher costs than in the years before the pandemic" - adds Sielewicz.
The Polish economy, closely linked to international trade through exports and participation in global supply chains, faces many difficulties. Although it is the largest economy in Central and Eastern Europe and has a chance to grow thanks to domestic demand, companies in the country still have to cope with increasing operational costs.
Sielewicz also points to the increase in wages as a factor beneficial for employees, but burdensome for employers, especially in the absence of demand growth. Continuous pressure on margins limits the profits of companies, and significant profit increases, which took place in the last two years, now seem to be weakening or are less dynamic in some sectors.
This situation indicates serious challenges that Polish companies will have to face in 2024, related to both internal and external factors.
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