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English Section

Polish growth to remain 'solid' amid global slowdown: central bank chief

25.10.2019 16:15
The Polish economy is set to lose some of its momentum amid a global slowdown, but GDP growth will remain solid, the country’s central bank chief said on Friday.
Adam Glapiński, governor of the National Bank of Poland (NBP), speaks at the 9th annual Conference on the Future of the European Economy (CoFEE) in Warsaw on Friday.
Adam Glapiński, governor of the National Bank of Poland (NBP), speaks at the 9th annual Conference on the Future of the European Economy (CoFEE) in Warsaw on Friday.Photo: PAP/Wojciech Olkuśnik

Talking to reporters during an international economic conference in Warsaw, Adam Glapiński said that economies in Europe and beyond were decelerating.

He added that the slowdown was bound to catch up with Poland, but asserted that economic growth in the country “will remain solid.”

He told reporters that the Polish economy was on track for a “slight slowdown” amid slightly higher inflation.

Strong GDP expansion, stable public finances

Glapiński said that Poland’s authorities, including the National Bank of Poland (NBP) of which he is governor, have managed to maintain strong GDP expansion while keeping key macroeconomic indicators under control.

“We have managed to maintain stable, strong growth, while achieving stability in public finances,” he declared.

Poland's government in September approved a balanced budget for 2020 that expects the economy to grow 3.7 percent, with inflation targeted at 2.5 percent.

Glapiński said earlier this month that the Polish economy was in "excellent" shape and on track to grow 4.3 percent in 2019.

The International Monetary Fund this month revised upward its forecast for Poland’s economic growth in 2019.

In its latest World Economic Outlook report, the IMF predicts Polish GDP will grow 4 percent in 2019, one of the fastest rates of expansion in Europe.

The Polish economy grew 4.5 percent in the second quarter of this year, the country’s Central Statistical Office (GUS) said in August in a final estimate.

Interest rates to stay put

Glapiński also said on Friday that the Polish central bank planned no changes to its monetary policy and that there was no need for any interest rate moves.

He told reporters that an effective monetary policy was made easier by the fact that Poland was sticking to its own currency, the zloty, instead of switching to the euro, the single European currency.

"Having the zloty enables the Polish central bank pursue an independent policy tailored to our national needs," Glapiński said.


Source: IAR, PAP, PolskieRadio24.pl