Salaries in Poland have been growing rapidly for years. This is well demonstrated by, among others, Central Statistical Office statistics published monthly. And how does it compare to other countries?
“Poles can feel richer abroad” – point out economists from Bank Pekao. To confirm, they show a chart of the average salary in the national economy converted into euro, which shows a clear acceleration after 2020.
See also: Top 10 percent salaries in Poland. This is how much the earning elite starts with
Wages in Poland have doubled in five years
“This decade chart — I think you agree?” – they indicate in a post on the X platform.
Economists note that Converted into euros, wages in Poland doubled in five years and tripled in a decade. “It seems that this has been missing for years. The increase in wages in Polish zloty was accompanied by the depreciation of the zloty and wages converted into hard currency basically stood still. The middle class lacked nominal convergence. This decade we have caught up in this respect,” Pekao experts comment.
They pay attention to an important detail. “This generates both winners and losers. Wages in euro are a measure of our cost competitiveness, and their sudden increase explains many phenomena and trends in recent years, from problems of many industries, to the end of the boom in outsourcing services to Poland” – we read in the economists' entry on the X platform.
See also: The Central Statistical Office revealed the real earnings of Poles. The budget beats the private sector
They ask an important question: Will investors be willing to open new shared services centers here? They immediately reply: “We don't think so“.
Wage increases have consequences. Also negative
The increase in wages in the country means higher labor costs for enterprises, which may reduce the profitability of production or service activities. Foreign companies often invest in places where employment costs are relatively low, so a rapid increase in wages may reduce the competitive advantage of a given country.
As a result, some enterprises may limit new investments or consider transferring part of their operations to countries offering cheaper labor. At the same time, higher wages do not necessarily mean a decrease in the attractiveness of the economy if they are accompanied by an increase in labor productivity, infrastructure development and access to qualified employees.
