Ratings agency Standard and Poor’s (S&P) has downgraded Poland’s economic growth forecast to 0.9% in 2023 from 1.2% forecast in September.
At the same time, S&P predicts that Poland’s economic growth will accelerate to 3.2% in 2024.
“Our baseline assumption is weak but still a positive GDP growth of 0.9% in 2023 versus our previous forecast of 1.2%,” S&P wrote in a report published on November 30. “Once the external environment improves, the economy should regain its momentum, and we expect GDP growth to reach 3.2% in 2024.”
Poland’s average annual inflation (HICP) is now expected to hit 12.9% and ease to 6.2% in 2024 and 3.1% in 2025.
The agency does not predict any further interest rate hikes by Poland’s Monetary Policy Council to the end of 2023. (The First News/Business World Magazine)