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Polish people consider their knowledge of finances to be considerable, and the areas in which they feel they have the largest gaps are cybersecurity and the tax system, a study by the Warsaw Institute of Banking entitled “Financial Education among Polish People 2018” finds. The most favourable assessments of their knowledge were given by young, high-earning people who lived in large cities. Critical opinions were expressed on the formal education regarding finances.

The Polish fintech market, which includes companies providing financial services with the application of technological solutions, is one of the largest among Central and Eastern European countries. Its value is estimated at almost EUR 860 million. Every fifth Polish citizen is already using fintech solutions, and by 2020 the share is to rise to almost 50%. The dynamic development of fintech solutions enforces changes in the banking sector, taking the form of, e.g., instant online payment or instant borrowing instruments. Innovative solutions also have an impact on the development of online trade.

Most consumers won’t file a complaint against a fraudulent e-seller unless they lose more than PLN 300. Afraid of lengthy procedures, they ignore minor frauds. According to the Consumer Federation, while internet fraud is generally on the decline, fraud involving non-delivery of paid-for goods is still commonplace.

“Labour shortages might hinder entrepreneurship in Poland. The Government is planning to reach out to young people and to unlock the potential of 50+ citizens, while also relying heavily on immigrants from the East,” reveals Jerzy Kwieciński, Minister of Investment and Economic Development. Today, 40 percent of companies are employing Ukrainians, and 10 percent Belarusians. However, it is necessary to create good working conditions and ensure decent wages and salaries. Without these, after obtaining the necessary qualifications, foreign nationals will move to Western European countries.

The Act on Electromobility adopted in January doesn’t cover hybrid cars, which are increasingly popular on the Polish market. It also excludes plug-in hybrids, which allow switching the drive to electric, from accessing clean transport zones. No other country in Europe has ever introduced such strict regulations. Europe’s biggest cities such as Berlin and London initially allowed access to their clean zones for low-emission vehicles, and the criteria were gradually made more stringent.

More than 2.5 m Poles experience difficulties in the timely repayment of their liabilities. Unpaid debts is a major problem for the economy as a whole and for the enterprise sector, with businesses spending 5-6 percent of the total costs on dealing with the issue. In statistical terms, the percentage of recovered debt is low. For instance, bailiffs get back around 20 percent of debts. The experts of the Conference of Financial Companies (KPF) emphasise that the suggested changes in the regulations referring to the expiry of claims, with a more protective approach towards debtors, might make these statistics even worse.

Most parents do not include their children in money-related discussions and home budget planning, and only one in three children get pocket money. Meanwhile, giving children even low amounts on a regular basis can become a good lesson for them on how to manage their own money. When it comes to older children, as highlighted by a specialist from Goodwill Consulting, it is worth replacing the piggy bank with a simple bank account to show the child in practice what saving is all about and how the accumulated capital is increased by interest.

In 2017, the sales of electric cars in Poland, including plug-in hybrid cars, slightly exceeded 1000 vehicles, compared to several thousand sold in Norway or Germany. Despite the incentives envisaged in the new legal act, and the dropping prices of electric cars, they will hardly become common elements of the Polish road landscape in the nearest years. The car-sharing trend is likely to catch on far more quickly, and may lead to a drop in the demand for car ownership by even 80 percent.

Trade between the EU and China is at a level of more than EUR 1 billion a day. Poland's contribution to this might become even greater as its trade with China continues to grow, with plans on the table to build a logistics hub in our country. Worldwide Logistics Group, a private logistics operator from China, has noticed this potential, and decided to partner up with ATC Cargo, a Gdynia-based company, to start its expansion into Europe. This cooperation is expected to create a major European player in logistics. This is a big chance for Poland, especially in the context of the New Silk Road project.

The African swine fever virus, low pigs production profitability and the dependence of the domestic market on European prices are the major problems faced by breeders today. The much needed solution might be biosafety, which protects pigs from infectious agents. Its tightened regulations are one of the main tools used in fighting ASF and enable farmers to reduce the veterinary treatment costs and mortality rate of pigs.

“The proposed regulations about Special Economic Zones are expected to create better-paid, high-quality jobs,” claimed Janusz Michałek, President of the Katowice Special Economic Zone. Investors will get extra points for cooperation with universities and clusters, and for having their own R&D departments, to ensure technologically advanced investments. And these, in turn, are expected to attract highly qualified personnel, whose shortage seems to be the largest problem for investors.

Finnish agricultural technologies are known worldwide for their high quality and efficiency. This is due to the climate conditions and high investments in research and development. Cutting-edge Finnish technologies can also increase the efficiency of Polish agriculture. Their machine producers and companies operating in the field of agrotechnology are looking for partners and distributors in Poland.

For the Warsaw Stock Exchange, the last year was successful in terms of IPOs, index performance and financial results, WSE representatives said with emphasis. However, the Warsaw floor wants to establish itself as the first-choice source of financing for investors. To this end, it has been working with the Ministry of Finance on the Capital Market Development Strategy in alignment with the Strategy for Responsible Development.

Neither the Monetary Policy Council nor the European Central Bank is in a hurry to tighten the monetary policy. Still, inflation is soon going to become the most important subject in the Polish economy. It is the sustainability of public finances when faced with an economic downturn that will matter in the long term. This is not likely in near future as economists agree that economic growth is going to remain at over 4 percent both this year and next year.

“Poles have been exceptionally quick to embrace new financial and payment technologies. Among other factors, this has made Poland’s retail banking, payment system and credit products some of the most unique globally,” observed Paweł Borys, President of the Polish Development Fund. This has opened up a vast space for fintechs – innovative financial start-ups which are starting to challenge banks. Blockchain, the technology behind cryptocurrency, will be one of the leading technologies to change the financial services sector in the years to come.