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Polish GDP growth to hit 4% this year: World Bank

PR dla Zagranicy
Paweł Kononczuk 19.10.2017 13:34
Polish economic growth will accelerate to 4% this year from 2.7% in 2016, the World Bank forecast in a report published on Thursday.
Photo: geralt/pixabay.com/CC0 Creative CommonsPhoto: geralt/pixabay.com/CC0 Creative Commons

But next year, the Polish economy is likely to slow “due to lower economic activity in Europe” and labour shortages on the domestic market, according to the World Bank’s latest Regional Economic Update.

In May, the World Bank forecast that the Polish economy would grow 3.3% in 2017 and 3.2% in 2018.

“Economic growth at 4%, fiscal deficit below 3%, and inflation under control – all of this means that the Polish economy is in good shape,” said Carlos Piñerúa, World Bank Country Manager for Poland and the Baltic States.

“In the medium-term, however, the economy faces certain challenges. For instance, entrepreneurs are already struggling to find workers – an issue that could become exacerbated by the lower retirement age that was put in place in October this year,” Piñerúa said.

He added that Polish policymakers “need to focus, therefore, on increasing productivity, investing in human capital, and implementing policies that support the integration of workers from abroad.”

The International Monetary Fund earlier this month revised upwards its forecast for Poland’s economic growth this year and next.

In its World Economic Outlook report, the IMF predicted Polish GDP would grow 3.8% in 2017 and 3.3% in 2018.

(pk)

Source: www.worldbank.org

tags: economy, gdp
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