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I UNDERSTAND
English Section

OECD raises GDP growth forecasts for Poland

01.06.2021 09:30
The OECD has raised its 2021 GDP growth forecast for Poland to 3.7 percent, from a previous projection of 2.9 percent, officials in Warsaw have noted.
Photo:
Photo:EPA/FELIPE TRUEBA

The Organization for Economic Cooperation and Development, which brings together 38 developed countries, also revised upward its 2022 growth forecast for Poland to 4.7 percent from 3.8 percent, Polish Deputy Prime Minister Jarosław Gowin noted in a Twitter post.

The European Commission last month raised its GDP growth forecast for Poland, predicting that the country's economy would expand by 4 percent in 2021 as a whole.

The EU executive has previously said that Poland’s economy went into a recession last year due to the coronavirus pandemic, but the contraction was among the mildest in the EU.

The Polish economy shrank 2.7 percent in 2020 as a whole, after posting 4.7 percent growth in 2019, according to the country’s Central Statistical Office (GUS).

The Polish economy shrank 0.9 percent in the first quarter of this year, the Central Statistical Office said in a preliminary estimate on Monday.

Prime Minister Mateusz Morawiecki said earlier this year that Poland was among the European Union’s most financially stable economies, with a high level of fiscal stability and low risk in terms of public finances.

He also said that Poland has weathered the coronavirus storm in a better condition than some of Europe's wealthiest economies.

Morawiecki said in early February that, despite the coronavirus pandemic, Poland would not only avoid a recession this year, but enjoy a strong economic recovery, seeing its GDP grow by no less than 4 percent.

Poland's President Andrzej Duda in January signed the country’s budget for 2021, which expects the economy to grow 4 percent, with inflation targeted at 1.8 percent.

(gs/pk)

Source: PAP