Polish central bank expects GDP to fall 3.5% this year amid pandemic

Poland’s central bank has said it expects the country’s economy to shrink 3.5 percent this year amid a coronavirus pandemic, and then to rebound, growing 3.1 percent in 2021.

Image by Henryk Niestrój from Pixabay

Image by Henryk Niestrój from Pixabay Pixabay licence

In a report published on Tuesday, the bank forecast that in 2022, Polish GDP growth would accelerate to 5.7 percent.

The bank predicted that inflation this year will stand at 3.4 percent and then drop to 2.6 percent in 2021.

The European Commission said last week it expected the Polish economy to shrink 3.6 percent this year amid the coronavirus pandemic, with only three other countries in the bloc performing better.

The Polish economy contracted 8.2 percent in the second quarter of this year, after expanding by 2 percent in the first quarter, according to the country’s Central Statistical Office.

Poland on Tuesday reported 25,484 new coronavirus infections and 330 more deaths, bringing its total number of cases to 593,592 and fatalities to 8,375.

Tougher measures to battle COVID-19 came into effect across Poland at the end of last week following a surge in cases amid a second wave of the pandemic.

(pk)

Source: PAP

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