The cabinet has adopted the draft budget for 2024. ‘There will be an economic recovery’

The Prime Minister’s Chancellery announced that the government has adopted the draft budget for 2024.

The cabinet adopted the draft budget for 2024 on Thursday. It was assumed that GDP would grow by 3 percent in the coming year and that average annual inflation would be 6.6 percent. The Prime Minister’s Chancellery announced that the “Strategy for the debt management of public finances in the period 2024-2027” was also adopted.

As stated in the announcement, the draft budget assumes that state revenues will amount to PLN 684.5 billion, the expenditure limit of the state budget is set at PLN 849.3 billion, while the budget deficit will not exceed PLN 164.8 billion. The deficit in public finances was determined at approximately 4.5 percent of GDP.

‘There will be an economic recovery’

The Ministry of Finance said in a statement that we can expect economic recovery in the coming year. “Next year we expect recovery through GDP growth of up to 3 percent. This will be driven by falling inflation, improved consumer confidence and accommodative monetary policy,” we read.

According to the information provided by the ministry, the factors that will influence the decline in inflation will be the following: “stabilization of prices of energy commodities and food on world markets, relatively low dynamics of private consumption (especially this year) and the impact of Monetary Policy.”

The government has adopted a debt management strategy

Finance Minister Magdalena Rzeczkowska announced that this year’s debt management strategy minimizes the cost of servicing public debt in the long term. – The adopted strategy for public debt management is a continuation of the strategies established in previous years. The aim of the strategy remains to minimize the cost of servicing the public debt in the long term, within established risk constraints, she explained.

As the Council of Ministers argues, the adopted draft budget law is based on solid pillars. However, the main objectives of the law will provide Poles with security and funds for social programs and healthcare.

Source: Do Rzeczy

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