The Central Statistical Office of Poland has forecast that the country's inflation in March is likely to rise sharply due to the surging crude oil costs.
Global oil prices soared past 100 U.S. dollars a barrel amid the war of the United States and Israel with Iran, which has brought widespread panic in the Polish market.
"The prices of oil skyrocket. I've heard voices from some experts that 'Okay, 150, maybe even 200 (U.S. dollars a barrel), everything is possible.' Because we don't know firstly how long will this war last, what would be the situation after the war. Those inflation expectations rise, and probably it's going to be a continued process," said Piotr Maszczyk, Deputy Dean of Graduate Studies at SGH Warsaw School of Economics.
"Fuel prices are very expensive, and we are not able to stop it. The U.S. is going crazy and Europe is suffering. What can we do? We can only spend less money. As for how exactly can we do that, we have to find ways to get through it," said a Warsaw resident.
Maszczyk said that tensions in the Middle East impact far beyond oil prices, as the region also handles large amounts of exports of fertilizer raw materials. He said the pressure from rising costs is mounting across various links along the supply chains and will cause further price hikes to the consumers.
Skyrocketing oil prices drive up Poland inflation forecasts
China's development blueprint for the 2026-2030 period will create strong market opportunities for industries worldwide, said Judy Marks, president and CEO of American elevator maker Otis, in Beijing on Sunday. The China Development Forum 2026 began on Sunday in Beijing. With the theme of "China in Its 15th Five-Year Plan Period: Advancing High-Quality Development and Creating New Opportunities Together," the two-day event is bringing together global officials, industry leaders, and experts for 13 thematic sessions and a series of closed-door discussions, covering topics including new trends in consumption growth, green and low-carbon transition, the development of future industries, and the industrial application of artificial intelligence (AI).
In an interview with China Global Television Network (CGTN) on the sidelines of the event, Marks shared her insights on the significant role of China's research capabilities and market environment for the global economy.
She said that Otis's research and development center in China, leveraging local resources, is well-positioned to advance its innovation strategy.
"So I would tell you to us in China, it's an innovation hub and an agility engine. And, that really describes China for us. We do work in China for China, but we also do both manufacturing and development and research for the rest of the world. And China, in Shanghai, has our largest development team of anywhere in the world. It makes us go faster. It's AI and digital driven -- and it really allows us to set the benchmark," said Marks.
She said that China is advancing rapidly in areas including smart cities and digital infrastructure, developments that will bring new opportunities and shape the future of the global elevator industry.
"Now to us, the world is digital and connected. They're the two highest priorities we have. If an elevator is part of an ecosystem in the building, we can share information with transportation systems, with energy systems. As China pursues even more of a low carbon world, our elevators actually push power back into the building and capture power when they break with our regenerative drives," she said.
Speaking of China's recently-approved 15th Five-Year Plan (2026-2030), aimed at expanding high-level opening up and driving high-quality development, Marks described it as highly encouraging for multinational companies.
"I would tell you everything we see in the 15th Five-Year Plan is encouraging: high-quality development, which is a commitment from the government and the whole ecosystem to serve its citizens, digitalization, urban renewal -- all of this combines. It's created a large market for a company like Otis. It's where we're going to invest, and it's in sync with our strategy and our mission," she said.
China's development blueprint brings opportunities to global industries: Otis CEO
