As Ukraine continues its daily struggle against Russian aggression, the international community is increasingly focused not only on immediate support but also on long-term plans for rebuilding the war-torn nation and integrating it with the European Union. At the recent Ukraine Recovery Conference held in Rome, Polish Prime Minister Donald Tusk presented a detailed vision for Poland’s role in this effort, positioning reconstruction as both a humanitarian duty and an economic opportunity for collaborative projects with mutual benefits. Discussions are already underway for Poland to host next year’s edition of the conference.

Since the outset of the Russian invasion, Poland has been one of Ukraine’s key allies, contributing more than 25 billion euros in humanitarian, military, and refugee aid. Building on this commitment, Prime Minister Tusk outlined a model for Poland’s engagement in Ukraine’s reconstruction, centered on the development of transport, trade, and investment. He emphasized that the reconstruction effort is not only about physical rebuilding but also about connecting Ukraine more closely with Europe, paving the way for its future EU membership.

In the area of infrastructure, Poland plans to enhance its road, rail, and communication networks. Currently, about 90 percent of military supplies headed for Ukraine transit through Polish routes. These same corridors are expected to carry the materials and goods necessary for Ukraine’s post-war reconstruction in the years ahead.

Tusk highlighted that while Poland remains firmly committed to supporting Ukraine in its conflict with Russia, it is also determined to ensure that Polish businesses can play a significant role in the reconstruction efforts and benefit from this extensive undertaking. He described ongoing discussions as promising for Polish enterprises looking to participate in rebuilding projects.

Poland already plays a crucial role in trade with Ukraine, accounting for 30 percent of the European Union’s exports to the country. As trade volumes grow, so too do opportunities for investment, underscoring the economic potential tied to the reconstruction process.

During the Rome conference, Tusk engaged in multiple bilateral and multilateral meetings. He participated in discussions with leaders from the United Kingdom, France, Italy, Germany, Denmark, and Ukraine, as well as officials from the European Commission and NATO. He also met separately with Italian Prime Minister Giorgia Meloni and Ukrainian President Volodymyr Zelensky. These conversations addressed potential facilitation for large projects involving Polish state-owned companies like Orlen and LOT, as well as banks and private enterprises that may require government support to engage in Ukraine.

Tusk explained that he and President Zelensky agreed on the need for a joint approach to certain business initiatives, allowing for simplified procedures and coordinated strategies between the two governments. He also held talks with Odile Renaud-Basso, President of the European Bank for Reconstruction and Development, to discuss financing prospects for projects in Ukraine.

Parallel discussions in Rome involved Polish ministers responsible for state assets, finance, development, and technology, who met with Ukrainian Deputy Prime Minister Yulia Svyrydenko and representatives of the Polish Development Fund (PFR Group). These talks focused on providing direct support for Polish companies planning to invest in Ukraine.

A significant outcome of the conference was the signing of a joint declaration between Poland and the United Kingdom to deepen cooperation in Ukraine’s reconstruction. The declaration outlines close collaboration in investments, reforms, and modernization efforts, and includes plans for a business forum to be held in Rzeszów, Poland.

Poland is now in discussions to host the 2026 edition of the Ukraine Recovery Conference. Tusk noted that holding the event in Poland would reflect the country’s key role in regional stability and its tangible contributions to Ukraine’s support infrastructure. He emphasized that Poland’s assistance to Ukraine goes beyond military or humanitarian aid, encompassing vital infrastructure such as roads, railways, the logistics hub in Rzeszów, and the Jasionka airport, all of which are critical to Ukraine’s current defense and future reconstruction.

The Ukraine Recovery Conference remains the leading international forum focused on Ukraine’s post-war rebuilding. It brings together representatives from governments, financial institutions, international organizations, businesses, local authorities, and NGOs to identify Ukraine’s reconstruction needs and develop practical solutions. Previous conferences have taken place in Lugano in 2022, London in 2023, Berlin in 2024, and Rome in 2025.

Source: gov.pl

Significant changes to Poland’s employment landscape are set to take effect in January 2026, with new regulations poised to redefine how work experience is calculated for millions of workers. The reform will extend seniority recognition to up to five million people, including those who previously worked under civil law contracts or operated as sole proprietors.

Experts from Personnel Service have analyzed the impact of the upcoming changes and highlighted several challenges facing employers and human resources departments. These include the need to review historical employment records and to update HR and payroll systems. For many workers, however, the changes offer an opportunity to reclaim years of work experience previously excluded from formal employment histories and to qualify for new employment benefits.

A report by the Ministry of Finance titled “Selected Aspects of Business Activity for 2019” indicates that sole proprietorships (JDG) remain the most popular form of business in Poland, accounting for over 80 percent of all business activities. At the end of September 2024, more than 2.4 million people in Poland were engaged under civil law contracts, with nearly half of them combining this work with other forms of professional activity.

According to Krzysztof Inglot, labour market expert and founder of Personnel Service, the reform represents a significant step toward equalizing employment rights. For many years, workers employed through civil law contracts or as sole proprietors lacked certain benefits, such as longer annual leave or severance pay. The new rules will allow them to have these years of work recognized, effectively recovering time that had previously gone uncounted.

The upcoming changes could allow many employees to surpass the critical threshold of ten years of professional experience, making them eligible for 26 days of paid annual leave. The revised rules might also affect notice periods and entitlements to benefits like severance payments during individual or group layoffs.

Beyond financial implications, the reform is expected to expand professional opportunities for individuals who have not met the experience requirements for positions in public administration or state institutions. The ability to document previous work periods outside of traditional employment contracts could grant more candidates access to recruitment processes that were once restricted to those with formally documented full-time work histories.

For employers, the new regulations signal a period of considerable organizational change. HR departments will need to begin auditing past employment records to identify workers who might now qualify for seniority recognition. Companies will also need to adapt their HR and payroll systems to accommodate the additional data and implement procedures for verifying documents submitted by employees. Training staff responsible for managing these processes and developing internal communications to inform employees will be essential.

The reform may also result in higher labour costs, not only because of potential increases in holiday entitlements or severance pay but also due to the administrative burden associated with processing claims for previously uncounted work periods. Employers will need to factor these changes into recruitment processes, particularly in cases where seniority influences eligibility for roles or determines pay scales and job levels. Many organizations will be required to adjust their existing operational standards to reflect the new legal framework.

Krzysztof Inglot emphasized that although the changes present significant challenges for employers, early preparation will be key to avoiding disruption when the regulations take effect. He suggested viewing the reforms as an opportunity for businesses to streamline processes, enhance transparency, and strengthen workplace culture, benefiting both employees and employers in the long term.

Source: Personnel Service

Global real estate markets delivered mixed performance through the first half of 2025, reflecting regional economic differences and shifting investor sentiment, according to the latest scorecards published by S&P Dow Jones Indices covering the first and second quarters of the year.

U.S. Real Estate Performance Softens in Q2

The U.S. real estate sector lagged behind global counterparts in the second quarter of 2025. The Dow Jones U.S. Real Estate Index slipped 0.4% in Q2 after modest gains earlier in the year. Despite the quarterly decline, the index posted a 10.3% gain over the past 12 months. Data Centers emerged as the strongest U.S. property segment in Q2, rising 7.0%, followed by Hotels with a 3.5% increase. However, Factory Outlets and Apartments declined sharply, dropping 8.7% and 7.0%, respectively .

Over the first quarter, the U.S. market showed modest positive returns. The Dow Jones U.S. Real Estate Index rose 3.5% in Q1, driven by strength in sectors like Health Care (+16.2%) and Industrial (+6.3%), while Data Centers and Hotels experienced negative returns .

Europe and Asia Lead Global Gains

Outside the U.S., real estate markets posted notable gains, especially in Europe and Asia. The Dow Jones Europe Select RESI Index surged 18.6% in Q2, while the Asia/Pacific Select RESI Index climbed 10.4%. Strong performance was observed in European offices and diversified sectors, while Asian gains were more broadly distributed .

In Q1, non-U.S. markets were more subdued, with indices such as the Dow Jones Europe Select RESI up only 5.1% and the Asia/Pacific Select RESI rising 7.3%. Still, these regions fared better than U.S. counterparts during the early part of the year .

Emerging Markets Show Strength

Emerging markets saw substantial advances in Q2. The S&P Latin America Property Index posted a significant gain of 19.3% for the quarter and an even higher 35.6% year-to-date return. The S&P Emerging REIT Index rose 12.5% in Q2, driven by gains in Latin America and parts of Asia. Key sectors like Retail and Office Space in emerging markets also delivered double-digit growth .

Earlier in Q1, the emerging markets were less consistent. The S&P Emerging Property Index declined 1.7%, reflecting weakness in Asia-Pacific, although Latin America began to show signs of recovery .

Sustainability and ESG Trends

Sustainable real estate investments continued to gain traction globally. ESG-focused indices, such as the Dow Jones Global Select ESG RESI, delivered positive results in both quarters. In Q2, the ESG RESI rose 2.5%, following a similar 2.4% gain in Q1. The data highlights investors’ sustained interest in ESG-oriented real estate strategies despite broader market volatility  .

Sector Highlights
• Data Centers showed divergent performance: strong in Q2 (+7.0% in the U.S. and +14.4% globally) after steep declines in Q1.
• Hotels rebounded slightly in Q2 (+3.5% in the U.S.) after negative returns in Q1.
• Industrial real estate faced headwinds in both periods, posting negative quarterly returns.
• Health Care remained a relatively stable sector, maintaining positive performance, particularly in Q1 with gains above 14% in some indices  .

Outlook

The scorecards indicate a real estate market that remains sensitive to interest rate movements, economic growth prospects, and investor appetite for both traditional and sustainable assets. While U.S. real estate showed mixed signals, international and emerging markets offered stronger returns in Q2, underscoring the global diversity of real estate investment performance so far in 2025.

Source: S&P Dow Jones Indices

Poland’s Future Inflation Index (WPI), which signals expected movements in consumer prices over the coming months, fell by 0.3 points in July compared to June. This marks the fourth consecutive monthly decline, although the pace of decrease was slightly slower than in the previous month. The trend reflects lower readings in the country’s consumer price index (CPI).

Short-term factors, including modest increases in crude oil and certain metal prices on global markets, contributed to the slower decline in the WPI. Nonetheless, underlying conditions remain favorable for a further easing of inflation pressures. Analysts point to subdued economic activity, which is prompting businesses to maintain cautious pricing strategies, as well as relatively low commodity prices overall.

Inflation expectations among both consumers and managers in manufacturing continue to decline. While a majority in both groups still anticipate price increases, the gap between those expecting higher prices and those expecting stable or lower prices has narrowed in recent months. In June, the difference among managers was under four percentage points, down from over thirteen percentage points at the beginning of the year. This shift is visible in producer pricing trends, with the Producer Price Index (PPI) remaining negative for the past two years.

Similar sentiment is observed among consumers. Since January, the proportion of individuals anticipating higher inflation has decreased by nearly four percentage points. More consumers now expect price increases to slow rather than accelerate. Contributing factors include seasonally slower growth in fruit and vegetable prices and the continued cap on household energy prices, which is set to remain in place until the end of the year.

Global commodity prices have generally been declining since the start of 2025. However, recent days have seen increases in oil and certain metal prices, particularly copper, driven in part by new tariff measures announced by U.S. President Donald Trump. The Polish zloty has strengthened against the U.S. dollar over the past month, offsetting some of the dollar-denominated cost increases. Analysts note that markets appear more accustomed to fluctuations stemming from U.S. trade policies, which could help limit volatility in commodity prices moving forward.