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Economy

Poland's explicit public debt exceeds 1 tln PLN

January 11, 2017


Abstract : Poland's explicit public debt has exceeded one trillion zlotys (241 billion U.S. dollars), a foundation run by prominent Polish economist Leszek Balcerowicz said on Tuesday.

WARSAW, Jan. 10 (Xinhua) -- Poland's explicit public debt has exceeded one trillion zlotys (241 billion U.S. dollars), a foundation run by prominent Polish economist Leszek Balcerowicz said on Tuesday.

According to the Civil Development Forum Foundation (FOR), the explicit public debt represents more than 26,000 zlotys of debt per capita.

"Each day that the government's already huge debt continues to grow is bad for the country," Balcerowicz said. According to FOR, this debt is incurred by Poland's governments on behalf of the country's residents over the years. The foundation also pointed out that the ratio of public debt to gross domestic product (GDP) was almost 54 percent in Poland.

The FOR explained that public debt was divided into explicit and implicit, while one trillion zlotys of explicit debt is only a part of the country's total debt. Another three billion zlotys makes up the implicit debt.

FOR also said the Polish government had planned a further dangerous rise in public debt for 2017.

Established in 2007, the Civil Development Forum organizes debates and publishes reports and analyses on various socioeconomic issues, including Poland's public finances. In 2010, it launched a display in Warsaw showing the country's current public debt value. (1 dollar about 4.14 zlotys) Enditem

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Keyword: Poland debt

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