The IMF predicts Polish GDP will grow 5.2 percent in 2021 as the economy regains momentum after a downturn triggered by the coronavirus pandemic.
"While the virus has taken a significant toll on people’s lives, vigorous policy support and strong fundamentals have enabled Poland to weather the economic impact of the pandemic and embark on a notable recovery," the IMF said in a statement issued this week.
It added: "The challenge now for economic policy is to continue the exit from extraordinary policy support, preserve macroeconomic stability amid emerging pressures, and manage risks related to the pandemic and other factors."
According to the IMF, "rising energy prices, supply chain disruptions, and buoyant demand are spurring inflation, calling for some further tightening of monetary policy in the period ahead."
The statement also said that "policy efforts to strengthen the skills of the workforce and advance the decarbonization of the economy, both supported by the EU, are key to help Poland remain competitive and extend its impressive track record of strong growth."
In its World Economic Outlook report in July, the IMF forecast 4.6 percent GDP growth for Poland this year.
The Polish finance ministry has welcomed the upgrade, saying the IMF "positively evaluated the condition of the Polish economy."
The IMF predicts the Polish economy will grow 4.5 percent in 2022, below its previous forecast of 5.2 percent.
International ratings agency Fitch last week upgraded its forecast for Poland's GDP growth this year to 6.4 percent, from a previous projection of 5.7 percent.
The Organization for Economic Cooperation and Development (OECD) this month raised its 2021 GDP growth forecast for Poland to 5.3 percent, from a previous projection of 3.7 percent, while also revising upward its 2022 projection for Poland to 5.2 percent from 4.7 percent.
The European Commission last month raised its 2021 GDP growth projection for Poland, predicting that the country's economy would expand by 4.9 percent this year.
Poland's economy shrank 2.7 percent in 2020, after posting 4.7 percent growth in 2019, according to the country’s Central Statistical Office (GUS).
The Polish economy grew 5.3 percent in the third quarter of this year, the Central Statistical Office said at the end of last month in a preliminary estimate.
(gs)
Source: PAP, TVP, gov.pl