WBG Governor's Statement No. 9 - October 15, 2020 - Statement by the Hon. Adam Glapinski

Jul 19, 2026

WBG Governor’s Statement No. 9 presents Adam Glapinski’s assessment of the 2020 World Bank Group and IMF Annual Meetings, emphasizing the virtual format and the unprecedented economic, social, and development challenges caused by the Covid-19 crisis. The statement thanks leadership of key WBG and IMF officials, describes containment measures and policy support, and highlights the deepest global recession since the 1930s. It reviews 2020 Poland’s contraction, the evolving outlook for 2021, and the fiscal and monetary space used to mitigate pandemic shocks through targeted loans and benefits.

LanguageEnglish

CategoryResearch & Report

FormatPDF

Pages6

Reading Time15 min

AccessFree to download

WBG Governor's Statement No. 9

Context: virtual annual meetings and Covid-19 challenges

Global and Poland-specific economic outlook

Policy response in Poland: fiscal and monetary measures

Public Disclosure Authorized Public Disclosure Authorized WBG Governor's Statement No. 9 October 15, 2020 Statement by the Hon. ADAM GLAPINSKI, Governor of the Bank for THE REPUBLIC OF POLAND Statement by the Hon. Adam Glapinski, Governor of the Bank for the Republic of Poland The 2020 Annual Meetings of the World Bank Group (WBG) and the International Monetary Fund (IMF) will be remembered not only because of the fact that they are held in virtual format, but first and foremost, because the international community has gathered to discuss the unprecedented economic, social and development challenges posed by the Covid-19-related crisis. At the outset let me sincerely thank the heads of the WBG and the IMF for their leadership and excellent cooperation in these challenging times. We deeply acknowledge the determination and commitment of Mr David Malpass in providing timely and well targeted assistance to all the countries in need while mobilizing the extraordinary international effort starting as early as the first, critical months of the Covid-19 crisis. At the same time we highly appreciate Ms Kristalina Georgieva for bravely leading the IMF through the pandemic storm and being a strong voice calling for international solidarity in supporting the poorest member countries in their struggle against the health, social and economic effects of the pandemic. The outbreak of the pandemic has had a calamitous effect on global economic activity. Determined to protect lives and to slow the spread of Covid-19, authorities implemented stringent containment measures that ensured the medical systems around the world were not overwhelmed. Fiscal and monetary policy support – accompanied by tremendous efforts taken by international financial institutions – has limited the impact of the sharp contraction in economic activity on households and firms, but has not saved the world economy from plunging in 2020 into the deepest recession since the Great Depression of the 1930s. The outlook for 2021 looks more optimistic, as global growth is projected to reach 5.2%, despite expectations of continued restrictions affecting citizens and businesses. Nevertheless, the growth projections imply wide negative output gaps and elevated unemployment rates in the medium term across both advanced and emerging market economies. Moreover, the expected recovery remains vulnerable to further infection waves and is subject to exceptional uncertainty. There is also a worrying risk that the Covid-19 crisis will widen income inequalities, while it is already evident that it will have a highly negative impact on the progress in reducing global poverty steadily made since the 1990s. Amid the economic slowdown in the European Union, in 2019 Poland’s GDP grew by 4.5%, driven by strong domestic demand. Higher social transfers, stable employment and higher wages have supported private consumption, while favourable monetary conditions fuelled investment growth. The unemployment rate dropped to a record low level, reaching 2.9% in the fourth quarter of 2019. However, with the outbreak of the pandemic – as has also been the case in other economies – Poland’s economic outlook deteriorated. Data for the second quarter of 2020 confirmed a sharp fall in foreign demand as well as in household consumption and corporate investment. This was accompanied by a fall in the number of people employed and a decline in wage growth in the economy. As a result, GDP is estimated to have fallen by 8.2% y/y in the second quarter of 2020. As the nationwide lockdown was gradually lifted, the Polish economy started to rebound. The latest data signal a relative stabilisation of economic activity in September 2020. Nonetheless, persistently high uncertainty about the further course and effects of the pandemic, as well as lower income growth and relatively weak sentiment of economic agents, continues to strongly affect the medium-term outlook for Poland’s economy. In the whole o

FAQs

Why will the 2020 World Bank Group and IMF Annual Meetings be remembered?

They were held in virtual format, and they focused on unprecedented economic, social, and development challenges arising from the Covid-19 crisis.

How did Covid-19 affect the global economy according to the statement?

It had a calamitous effect on global economic activity; containment measures and policy support limited household and firm impacts, but the world economy still entered the deepest recession since the Great Depression.

What measures did Poland implement to respond to the Covid-19 crisis?

Poland used substantial policy space with a fiscal package starting in March 2020, including special company loans, wage subsidies, suspension of social contributions, temporary benefits for some workers, and additional child care allowance.

Jul 19, 2026

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