Bank PKO BP upgrades Poland's GDP growth forecast for 2020

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Poland's largest lender by assets, PKO BP, has maintained the forecast of Poland's economic growth at 4.6 pct in 2019 and slightly raised its forecast for next year to 3.7 percent, PKO BP's chief economist, Piotr Bujak, said on Thursday.

Poland's economy could expand by as much 3.7 percent in 2020 along with lower expectations as to the global economic situation, Bujak said.

He added that the main causes of uncertainty for these forecasts include the state of the global economic situation (trade wars, hard Brexit), the scale and rate of absorption of EU funds and the risk of supply shocks, such as energy, fuel and food prices as well as extreme weather conditions.

Th expert also said that despite the deterioration in the external environment, the Polish economy is doing surprisingly well.

Poland's GDP growth in the second quarter of this year likely amounted to 4.4 percent year on year, according to estimates by PKO BP analysts.