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English Section

Fitch cuts Polish 2020 GDP growth forecast to 1.8%

19.03.2020 17:35
Ratings agency Fitch has lowered its forecast for Polish economic growth this year from 3.3 percent to 1.8 percent as the country struggles with a coronavirus outbreak.
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Pixabay LicenseImage by Kevin Schneider from Pixabay

Fitch, one of the world’s "Big Three" credit rating agencies, said on Thursday it expected GDP growth in Poland to rebound to 3.2 percent in 2021.

Earlier this week, ratings agency Moody's lowered its forecast for Polish economic growth this year to 3.0 percent from 3.7 percent.

Moody’s said it expected GDP growth in Poland to climb back up to 3.7 percent in 2021.

The Polish economy grew 3.2 percent in the final quarter of last year and expanded by 4 percent in 2019 as a whole, according to the Central Statistical Office.

The country’s central bank chief has said that despite the disruption caused by the coronavirus epidemic, the Polish economy will not fall into a recession but grow by about 2 percent this year.

Poland’s authorities on Wednesday unveiled a PLN 212 billion (EUR 47 billion, USD 52 billion) stimulus package to shore up the economy and shield the country from the impact of an intensifying coronavirus outbreak.

The Polish central bank on Tuesday moved to cut its key interest rates in a bid to counteract the impact of the virus.

(pk)

Source: PAP