EC downgrades Poland's GDP forecast for this and next year

The European Commission (EC), the EU's executive arm, has lowered its 2022 GDP growth estimate for Poland to 4.0 percent from 5.2 percent forecast in July.

In a report published on Friday the EC also lowered its 2023 GDP growth forecast for Poland to 0.7 percent from the 1.5 percent expected earlier.

According to the European Commission, an economic rebound can be expected in 2024, when the Polish economy is predicted to grow by 2.6 percent.

Poland's average inflation rate will reach 13.3 percent this year and 13.8 percent next year, according to the report, up from the July estimates of 12.2 and 9.0 percent, respectively.

Inflation in Poland is expected to stabilise in 2024, falling to 4.9 percent, the EC said.