Without workers from the East, the Polish economy will stagnate. A strong diagnosis of the president of KredoBank

Ukrainians working and living in Poland really support the Polish economy, and the war in Ukraine has a direct impact on Poland's security – said Jakub Karnowski, economist and president of KredoBank, in the material of the Sestry.eu portal.

Poland benefits from the presence of immigrants from the East

In an interview with Sestry.eu, Karnowski noted that the presence of economic migrants and refugees who have found their place on the labor market is clearly beneficial for Poland. He noted that the presence of Ukrainians helps Poland cope with the acute labor shortage, which is growing due to demographic trends.

– Ukrainians really support the Polish economy – said the president of KredoBank, referring to the role of Ukrainian citizens on the Polish labor market. As he emphasized, the majority of adult Ukrainians work and pay taxes, and the balance of their presence for the state budget is positive.

– They pay ZUS and health insurance contributions, but they rarely use them because they are young and professionally active. The balance for the system is clearly positive. Without Ukrainian workers, many sectors of the Polish economy simply would not be able to function properly – added the Sestry.eu source.

The economist also pointed to the strategic importance of Polish-Ukrainian cooperation. He pointed out that Poland and Ukraine are close to each other in various respectsand mutual support is crucial in the context of the ongoing war and future reconstruction.

“The enemy is common”

– Poland needs a Ukraine capable of defense, and Ukraine needs a strong Poland as a logistic, political and social base – concluded Karnowski.

Karnowski drew attention to the security dimension of Polish-Ukrainian relations. – Ukraine is tired of the war, and Poland is the subject of this war – he said, pointing out, among other things, provocations and acts of sabotage that took place on the railway or the arson of the Marywilska shopping center in Warsaw and many other events – these are real threats.

In his opinion, Poland is in a different situation than Ukraine, but we must be aware that “the enemy is common.” – Poland is in a different situation, but historically and geographically we have often been in a better situation than Ukraine and Ukrainians – he added.

“The combined forces of both countries pose a real threat to Putin's ambitions”

When asked about the reasons why Putin hates Poland and Ukraine so much, the economist said it is due to the fact that the combined forces of both countries pose a real threat to his ambitions.

– If we combine Poland and Ukraine, we are talking about 70 million people. Poland has a strong economy, Ukraine spends 27 percent of GDP on defense and tests modern military technologies in real war. We have capital, they have combat experience. Together, we are a real threat to Putin: Poland thanks to its enormous economic development, Ukraine thanks to its determination and war experience, the expert noted.

According to Karnowski, for now the Ukrainian economy is unable to function without external support. – The Ukrainian economy will not sustain itself. The banking sector in which I work is a large part of it and this support is necessary, the expert noted, adding that from the financial point of view, the solutions proposed by the Polish government, Prime Minister Donald Tusk and Minister of Foreign Affairs Radosław Sikorski would be beneficial, especially in the form of securing a reparation loan.

The economist drew attention to the low level of Polish capital in Ukraine, pointing out that the largest project to date remains KredoBank, owned by PKO Bank Polski. – We serve over 50,000 companies and about half a million individual customers, connecting Polish and Ukrainian businesses – he added. Karnowski emphasized that the war effectively inhibits new investments.

– No one today will build a factory that can be destroyed by one Russian missile. In business, the risk must match the expected return, and today the risk is too high, he said.

KredoBank, based in Lviv, has been part of the PKO Bank Polski Capital Group since 2004. Since 2019, PKO Bank Polski has been its 100% shareholder. KredoBank has 63 branches in Ukraine and serves 500,000 customers. individual customers and 55 thousand entrepreneurs. Its assets amount to over PLN 6 billion, net profit in 2024 amounted to PLN 122 million. KredoBank's activities are part of the strategy of PKO Bank Polski for 2025-2027, which assumes supporting Polish companies in foreign expansion. KredoBank is a partner for both Ukrainian and Polish companies operating in Ukraine.

Sestry.eu is an international online magazine operating since September 2023. She works to build social dialogue and improve the quality of women's lives. It describes the stories of extraordinary women who, since the beginning of the war in Ukraine, have proven courage, steadfastness, sensitivity to human misfortune and readiness to help. It promotes the idea of ​​sisterhood, cooperation and respect for common values ​​such as freedom and tolerance. He publishes texts in Ukrainian, Polish and English. (PAP)

The full text and video are available at the link: https://www.sestry.eu/pl/artykuly/ekonomista-jakub-karnowski-ukraincy-realnie-podtrzymuja-polska-gospodarke.

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