The negative effect of media on the Polish economy

As I mentioned in my last blog posting, the credit crunch had not had such a dramatic effect in Poland and some other Central European markets. However now there has been a reduction in market confidence in Poaland due to negative comments in the media, not due to a reduction in bank lending.

Polish banks are still willing and able to lend money to companies and individuals for property and commercial purposes, however people are not borrowing, due to what they read in the newspapers.

The effect has been that the Polish property market has almost stopped and many developers and builders now have unsold property on their books.

In both Poland and the Czech Republic the forecasts for the growth in GDP have reduced dramatically from around 4 to 5% to 1 to 2%. These forecasts are, of course, far better than forecasts for the economies of Western Europe.

In addition the drop in the value of Sterling means that UK exports have not been so competitive for many years. As a result, Central Europe currently presents great opportunities for UK exporters. I hope they take up the challenge!

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Author: Professor Nigel Adams

I am a Professor and the first Director of the Buckingham Enterprise and Innovation Unit in the Vinson Building at the University of Buckingham in England. I teach, advise & mentor undergraduate and post-graduate students, especially medical students, and alumni to become more innovative and enterprising by helping to develop their entrepreneurial mindsets. Between January 2018 and July 2025, the Buckingham Enterprise & Innovation Unit (BEIU) successfully managed the expenditure of about £2 million donated to the University by a successful alumna. We created and developed enterprising and innovative education and other projects in and around the University of Buckingham. As a result of our work, Innovation and Entrepreneurship is one of the university's strategies from 2023 to 2028. (https://www.buckingham.ac.uk/about/strategic-plan) From 2008 until 2019, I ran and developed the world's first undergraduate Venture Creation Programme (VCP - See https://www.vcplist.com for a definition). On the BSc Business Enterprise (BBE) programme, students had to start and run a real business as an integral part of their honours degree. Between 2002 and 2011, I was Managing Director of Nigel Adams & Company Ltd, providing business, management, international marketing, recruitment and other support and advice to the management of Western companies to help them establish business operations in Central & Eastern Europe & to improve their sales. I am an experienced international business adviser with over 50 years of experience in international business, enterprise, management, marketing & counter-trade. I lived in Poland from 1993 until 2002, working on Polish state company restructuring projects as a British Government Know How Fund Management Adviser. I am a lifetime member, Chartered Marketer and Fellow of the Chartered Institute of Marketing (CIM).