Polish 2020 GDP contraction among mildest in EU: European Commission
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 European Commission said on Thursday.
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Lithuania experienced the smallest GDP fall in the 27-nation bloc last year, at 0.9 percent, while the Polish economy contracted by 2.8 percent, according to the European Commission.
Trailing Poland in 2020 were Estonia and Sweden, each of which recorded a 2.9 percent drop in GDP, data showed.
Polish economy expected to grow 3.1% in 2021, 5.1% in 2022
The European Commission predicted in its Winter 2021 European Economic Forecast that Poland’s GDP would grow 3.1 percent this year and expand by 5.1 percent in 2022.
Prime Minister Mateusz Morawiecki said this week 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 last week 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 last month signed the country’s budget for 2021, which expects the economy to grow 4 percent, with inflation targeted at 1.8 percent.
Meanwhile, in 2020, the Polish economy contracted by 2.8 percent, the country’s Central Statistical Office (GUS) has estimated amid the COVID-19 crisis.