Financial security during a pandemic SARS-CoV-2 Coronovirus pandemic in Poland
Abstract
The year 2020 was sure dominated by the pandemic caused by the new SARS-CoV-2 coronavirus. Many effects of the COVID-19 pandemic appeared in the Polish economic reality, including those related to financial security. In connection with these changes, many important questions have arisen, among others: will the financial systems of Poland be stable during the evolving crisis situations, intensively changing social and economic conditions, and will the people participating in these systems be safe from a macro-and microeconomic perspective? In the face of the situation, are the safety net institutions prepared to fight the economic crisis? The aim of the article is to analyse and evaluate the Polish financial system during the pandemic. Efforts were made to indicate the impact of the negative consequences of the COVID-19 pandemic on the country's financial security.
The pandemic affects the country’s economy in two ways, it has stalled many manufacturing industries and there has been a gap in the supply of products to the domestic market. All sectors of the economy experience disruptions leading to a shortage of good and the resulting higher prices thereof. Limited economic activity also generates lower tax revenues. Because it is precisely when the government increases spending, it results in larger fiscal deficits and greater public debt.
The article focuses on discussing the potential effects of the COVID-19 pandemic on the stability of the financial system in Poland.
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