Głos Mordoru.pdf

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Inflation and Economy

Professor Marian Noga, an economist, predicts that inflation will reach 20-21% in the first quarter of 2023 and may not decrease until April.
The International Monetary Fund estimates Poland's average annual inflation at 14.5% for 2022 and 14% for 2023.
Noga believes that the inflation rate may drop to 9% by autumn 2023, but this will be a decrease from a high of 21-23%.
He also states that the goal of reducing inflation to 2.5% may not be achievable until the end of 2025.

WIBOR and Credit

Noga argues that the WIBOR (Warsaw Interbank Offered Rate) should be replaced by WIRD (Warsaw Interbank Reference Rate) as the basis for credit interest rates.
He believes that the current system of using WIBOR for long-term credits is flawed, as it is based on short-term financial instruments and does not reflect real market operations.
Noga suggests that the use of WIBOR has led to an artificial market, where banks respond to the central bank's reference rate rather than real market conditions.

Government Policy

Noga criticizes the government's policy of distributing money to all citizens, regardless of need, as this can exacerbate inflation and harm the most vulnerable members of society.
He argues that targeted support for those who need it most, such as low-income households and pensioners, would be more effective in reducing poverty and inequality.
Noga also believes that the government's focus on short-term gains, such as increased tax revenue, can lead to long-term problems, such as higher costs and reduced economic growth.