Poland’s GDP should rise by 0.7% in 2023 against a 3.6% forecast earlier, the World Bank has said in a report.
The World Bank has downgraded Poland’s economic growth in 2023 to 0.7% from a 3.6% increase expected in June 2022, said the bank in its report, which was published on January 10.
The World Bank also lowered its growth forecast for 2024, saying that Poland’s GDP was likely to rise by 2.2%, down by 1.5% from the earlier forecast.
According to the World Bank, Poland’s economy expanded by 4.4% in 2022.
World Bank experts wrote in a commentary that Poland’s economy had been resilient to numerous global shocks and had rebounded faster than expected after the recession in 2020, but that the economic growth would slow down to below 1% in 2023.
According to them, one of the reasons behind this expected slowdown is considerably weaker growth in the eurozone as well as weaker home demand accompanied by higher inflation, which has been reducing purchasing power.
The World Bank economists also said that this year’s economic growth in Poland would be weaker due to the delayed tightening of the monetary policy and falling demand from Poland’s largest trade partners. (PAP/Business World Magazine)