The sudden collapse of Silicon Valley Bank and Credit Suisse’s takeover by its rival UBS shook global financial markets, amid fears of potential spillover. Poland’s banking sector looks unlikely to suffer such effects, but it is facing local issues of its own that will test its resilience.

The Silicon Valley Bank (SVB) case marked the largest US banking failure since the 2008 financial crisis. SVB relied heavily on deposits of tech startups, which the bank invested into long-term government bon

Olesya Sergeiko, an English-language teacher from Moscow, is half Russian and half Ukrainian. She moved to the Polish city of Gdańsk with her family in 2021 because of her opposition to the Kremlin’s policies. Back in Russia, Olesya attended protests against Vladimir Putin’s regime and unfair elections.

“I have always fought for fair elections. However, my experience has shown that to somehow influence the situation, we need many more people who care. It became clear to me that a change of powe

Several weeks ahead of the heating season, 50-year-old Maria from Gdańsk still has no idea whether she will be able to buy coal to heat her home and at what price.

The fast recovery of the economy from the impact of Covid has increased staff shortages in industries ranging from construction and catering to healthcare and education.
In an effort to plug those gaps, the government has rushed to integrate refugees from Ukraine, including by relaxing requirements to enter the labour market, for example suspending the need to obtain a work permit and making it easier for certain qualifications to be recognised.

In April, inflation in Poland hit 12.3%, its highest level since 1998 according to preliminary data. The figure for March, 10.9%, was also in double figures. The Polish government blames Russia’s invasion of Ukraine for the growing prices, which it has termed “Putinflation”.

“Today, all prices mainly depend on the actions and decisions of one man – Vladimir Putin,” Prime Minister Mateusz Morawiecki declared. “The war in Ukraine affects energy prices, and they affect the costs of everything.”

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Since Russia’s invasion of Ukraine, almost 3 million people have fled across the border in Poland, and it is estimated that the majority remain in the country.

As many of them seek a place to stay temporarily or long term, the demand for apartments for rent has spiked in the large Polish cities that have been the refugees’ main destination. This has further pushed up already record-high rental prices, fuelled by inflation and high energy bills.

Poland has grown into one of Europe’s largest outsourcing centres, thanks to a well-educated and relatively cheap workforce, attractive location, and clear legal frameworks. But now the country wants to develop into higher-value services. As international firms increasingly move towards remote work and seek out more savings, post-pandemic trends could speed up this transition.

Companies increasingly see Poland as a location for more demanding jobs, rather than just the simple back-office functi