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Hard economic times ahead: expert

To talk about the recent surge in inflation in countries around the world, TVP World invited Błażej Podgórski PhD, Vice Dean of the Kozminski University specialising in finance.

According to Mr Podgórski, the main reasons for the rise in inflation are the COVID-19 pandemic, the actions different governments took before the pandemic and the Russian invasion of Ukraine.

The vice dean pointed out that of those three issues the main reason for inflation currently is the war in Ukraine. He said that the war had a huge impact because it dramatically changed the prices of fuel, gas and agricultural products.

Hard assests a hedge against infaltion?

Without giving financial advice, the deputy head of the University said that it would be wise for people to find some kind of assets to invest in, ranging from precious metals to stable currencies such as the Swiss Frank or hard assets.

He also stressed that different people could find different answers regarding investment possibilities. In a short time frame, people could invest in currencies, in a medium time frame bonds could be the answer and looking at a long time period the most stable possibility could be gold.

Hard times ahead

To conclude the interview, Mr Podgórski said that according to classic economics after a period of economic boom a period of recessions would follow lasting a similar amount of time. In the case of Poland, the last economic boom lasted for five years.

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